We finally did it. We bought our first investment property!
It’s a 5 unit apartment building that was built in 1905-ish. Besides maybe needing a new roof (ugh) it’s in really great shape, and has a lot of the original character throughout. The building is fully-occupied right now, but we’re hoping to tackle some updates/remodeling as tenants move out and we turn over apartments.
I’m trying my best to resist the urge to tear all that vinyl siding off. We want to maintain the character of the house, but we have to be a little more budget-oriented since this is an investment property.
Honestly, we really weren’t sure if this deal was ever going to go through. We saw the property for the first time in April 23rd, and didn’t close until June 30th. We submitted our offer a few days after an out of state investment group. Our bid was accepted, then un-accepted, then re-accepted. We were under contract, and then we walked away. It all got back on track when the owner (who was raised in the house, and therefore very interested in someone local buying it rather than an out of state investment group) approached us and agreed to some major repairs/concessions.
We’re so excited to start on this next adventure. Can’t wait to share!