Rental duplex in Lorain, Ohio

[Leann Rafton]

Investment Info:

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

Purchase price: $154,000
Cash invested: $6,000

Duplex in Lorain, Ohio. Purchased through 1031 exchange and conventional loan. We replaced carpet in one unit, both bathrooms and both kitchen countertops. Will rent starting February 2022 for $850 per unit.

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

Passive income!!

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

listed on MLS, typical negotiations.

How did you finance this deal?

1031 exchange for downpayment and then conventional loan.

How did you add value to the deal?

Cosmetic updates

Lessons learned? Challenges?

First time screening tenants.