AMA: Newbie just bought my first investment duplex property

[Dhwani Shah]

Hey guys. I started on my real estate investment journey exactly a year ago today by reading "Rich Dad Poor Dad" and listening to biggerpocket podcast every day while I worked out. I just closed on my first duplex investment property about 2 weeks ago and I couldn't be more excited! I had no agent and the seller had no agent, so I got a huuuge knowledge dump and faced many challenges along the way, but I learned so much. We had this property listed on Zillow for the first unit to be rented for only a week and we already had a tenant move it today with a year lease. The second unit we're renovating right now and should be ready to rent by end of the month. 

Some numbers: 

- Bought it for 145k

- 2 units (1bd/1bt and 2bd/1bt)

- Mortgage, escrow, and everything totals out to be ~$750/month for the fixed monthly expense

- The first unit is rented for $1150/month, tenant pays all utilities...aka, all our mortgage is paid already by the first unit and we still have some left over as cash flow ;)

- The second unit is being renovated (about 15k we've budgeted) and we're looking to have that rented for $1500/month easily

- With 5% set aside each month for repair/maint and another 5% for capex, we're like almost 20+% CoC

A lot of things have made this deal possible, but biggerpockets and the biggerpockets community was definitely a big one as it kept me going and gave me motivation/knowledge. Now I want to play my part and give back. I'm here and I'll answer any questions that you guys have for me. Ask away :)

[Lance Harris]

Quote from @Dhwani Shah:

Hey guys. I started on my real estate investment journey exactly a year ago today by reading "Rich Dad Poor Dad" and listening to biggerpocket podcast every day while I worked out. I just closed on my first duplex investment property about 2 weeks ago and I couldn't be more excited! I had no agent and the seller had no agent, so I got a huuuge knowledge dump and faced many challenges along the way, but I learned so much. We had this property listed on Zillow for the first unit to be rented for only a week and we already had a tenant move it today with a year lease. The second unit we're renovating right now and should be ready to rent by end of the month. 

Some numbers: 

- Bought it for 145k

- 2 units (1bd/1bt and 2bd/1bt)

- Mortgage, escrow, and everything totals out to be ~$750/month for the fixed monthly expense

- The first unit is rented for $1150/month, tenant pays all utilities...aka, all our mortgage is paid already by the first unit and we still have some left over as cash flow ;)

- The second unit is being renovated (about 15k we've budgeted) and we're looking to have that rented for $1500/month easily

- With 5% set aside each month for repair/maint and another 5% for capex, we're like almost 20+% CoC

A lot of things have made this deal possible, but biggerpockets and the biggerpockets community was definitely a big one as it kept me going and gave me motivation/knowledge. Now I want to play my part and give back. I'm here and I'll answer any questions that you guys have for me. Ask away :)

 YO! This is awesome for you man! I love hearing newbies getting great deals like this, especially since I am a newbie myself and currently looking for my first investment property. 

So... How'd you find this property and what type of financing did you use to secure this? I'd love to hear more about this deal and also see if there is any possible way that I can ad any type of value to your business and on going venture? 

Again congratulations! This post really gave me more motivation and let me know I'm on the right path and there's still great deals out there!