All Forum Posts by: Heather Gates

There are two episodes I remember them being mentioned. I don't recall the numbers, but one was with Isabelle Garino-Smith who runs RAL Academy, and I'm drawing a blank on the other one.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $84,900
Cash invested: $13,124

Adding doors number 6 and 7 to the portfolio on this beautifully hot Friday. This thing is going to need some love, so my first non-turnkey property. Work begins tomorrow morning! I purchased this from an owner/agent moving out of state.

What made you interested in investing in this type of deal?

Multi-family close enough to allow me to self-manage.

How did you find this deal and how did you negotiate it?

MLS- I negotiated concessions, not purchasing price.

How did you finance this deal?

Commerical loan through local bank

How did you add value to the deal?

I will be adding value with some light renovations. This property also sits on almost 7 acres so plenty of area to expand.

Lessons learned? Challenges?

Challenges will be in the renovations- this will be my first time handling them, as well as my first time to self-manage.

I would definitely suggest doing as much networking as possible and if you do choose to go get your license, I strongly suggest adding value to an established real estate agent who could show you the ropes and possibly provide some income along the way. Busy agents can use the help so it's really a win win with someone who has the time and looking to learn all they can.

As far as the house hack, with little cash, I would keep your mind open to creative financing deals. Networking will open opportunities for those. Best of luck Cody!

Currently working with and recommend Michelle Bateman, she's on here. 

What counts is you got started, congrats! Also, keep in mind that in a year or so you may be able to take equity out and purchase rental number 2 or even expand your existing footprint to make one more bedroom and utilize some extra land to add a small unit on to. Best of luck! 

Another book more geared towards personal finance and building a business that was truly inspiring was "We Should All be Millionaires" by Rachel Rodgers. Happy Readying! 

I also read recently that Hawaii home prices have dropped more than expected! What an amazing market to get into. 

Thank you, I sure will. I drive through there often and have looked at some MF there. Not familiar enough with the market just yet. 

 I don't have experience with new construction. The unit that is there is a smaller, almost a "tiny home", so I think I'll gravitate towards another smaller unit for the second one. 

I didn't even think about parking lots. Great idea. I haven't paid much attention to lot size until this deal, I'll definitely be looking at them differently now. Thanks for the comment. 

Congrats!! I've been keeping an eye on MF in Searcy. Sounds like a great opportunity.