Our first duplex! We got lucky!

[David Miller]

Investment Info:

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

Purchase price: $210,000
Cash invested: $17,000

Came across deal during real estate business, refurbed, rented, will be refinancing

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

inside sales person found it, we were originally going to list it

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

provided spread sheet showing what they would net with me buying it minus 6% real estate commission vs selling it for them,

How did you finance this deal?

conventional loan

How did you add value to the deal?

did knock down ceilings, repainted the interior of both units, cleared out the back yards, added new vanity and vinyl flooring in one unit

What was the outcome?

positive cash flow of $ 1400/month,

Lessons learned? Challenges?

Hard to organize the contractors to do the jobs. The painter, turned out to be terrible in what he had done so I had to do it myself.

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

I was the agent