If you’re holding out for the “perfect” deal, you’ll always be on the sidelines. Today’s guests weren’t afraid to take on a challenge with their first rental property, and it paid HUGE dividends. Not even an expensive market or extensive rehab could stop them from making money and reaching their investing goals!
Welcome back to the Real Estate Rookie podcast! Noreen and Derek Eddy are a real estate investing power couple who took a big risk with their first deal—a distressed, multifamily property that had recently been foreclosed on. To make matters worse, they were forced to turn their renovation project into a live-in flip once their contractor didn’t hold up his end of the bargain. Rather than straining their relationship, this DIY project brought them closer together, and today, the property’s revenue covers most of their mortgage!
In this episode, you’ll learn all about the low-money-down loan you can use to finance your property and renovation costs, as well as a lesser-known strategy you can use to find rare deals in a competitive market. Finally, Noreen and Derek will offer advice on dealing with tenants and how to get along while living under the same roof!
Ashley :
This is Real Estate rookie episode 436. Should you buy your multifamily as your first property, we’re going to find out. I’m Ashley Care. Welcome to the Real Estate Rookie podcast, where every week, three times a week where we bring you the inspiration, motivation, and stories you need to kickstart your investing journey. Today’s rookie investors are a husband and wife duo that purchased a two family home in a very expensive market, but they dove in headfirst, got their hands dirty and did the hard work for a bigger, brighter future. Today on the episode we’re going to discuss how they acquired the deal, what you should know about a 2 0 3 K loan, how to do a live and flip, and how to deal with tenants when you live under the same roof. So Noreen and Derek, welcome to…