All Forum Posts by: Richard Swift

Investment Info:

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

Purchase price: $296,000
Cash invested: $20,000

Two homes on one lot! Front home sits on a corner lot at 1235 sqft, has 2 bedrooms + den, new tile around tub in bathroom, 1 yr old HVAC, new paint & remodeled kitchen. Back home at 836 sqft is fenced, has 1 bedroom + bonus room, 1 bath, has window laundry units and remodeled kitchen as well. Easy access to freeway & close to public transportation. Near to Christian Brothers High School. Remodeled/Updated: Yes!#!Remodeled/Updtd Desc: Bath 0-5YR, Kitchen 0-5YR

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

What made me interested in this deal was the "up and coming" trendy neighborhood of Oak Park, Sacarmento, and also the ability for me to start my investing career using this deal as my first "House Hack".

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

I found this deal on the MLS, September, 2018. I remember the market having slowed at this time, and I was able to get a near full price offer accepted, waiving all closing costs, and having the sellers do a few repairs.

How did you finance this deal?

FHA Loan, 3.5% down

How did you add value to the deal?

Since owning the property, I've added a laundry room to the 2nd back unit, created a driveway for parking, added a privacy fence with a small backyard, and painted both homes exteriors.

What was the outcome?

I'm living in the smaller unit, and renting out the larger corner home out for $1280, and have a $1800 mortgage.

Lessons learned? Challenges?

I should have done a FHA Renovation Loan on this deal, and built in my RENO costs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I did, my realtor was Josh Amolsch, with the Elizabeth Weintraub Team, in Sacramento, Ca.

Good morning all,

First off, I'd like to introduce myself as a new community member. My name is Richard, I'm 31 years of age, I work for the government, a big-time fitness enthusiast and just recently inherited a small chunk of money after my mothers passing. I have always been interested in rental property investing and naturally stumbled upon "The book on rental property investing" after reading "rich dad poor dad". I have $20k sitting and am very excited about making my first deal happen this year. I live in Sacramento, California, and am looking to scoring my first deal soon, hoping I could connect with you all and attain some guidance and advice from anyone willing to reach out in these forums. I'm excited to connect with you all, and can always trade fitness advice for real-estate advice.

Cheers,

Richard