Fixer-upper Duplex on Asbury

[Emma Whear]

Investment Info:

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

Purchase price: $385,000
Cash invested: $57,750

Bought a duplex in a pretty hot local market. Definitely not a "steal," but the best we could do for now. My husband and I plan to live in the back unit and fix it up. Ideally, the front unit will make a pretty cute Airbnb which I'll manage. We'll see if that works out – have to convince a new tenant not to take possession for that to happen. Planning on doing a pretty big rehaul: new floors, new bathrooms, majorly update kitchens, lighting, full paint (inside and outside). Pumped!

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

I love duplexes. Lots of win-win scenarios.

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

My friend (and agent), Jordan Clemans. Personal letters, a fine-tuned inspection response, and holding our cards close.

How did you finance this deal?

Conventional loan. 15% down (due to the duplex requirements).

Lessons learned? Challenges?

This was a curious one. Buying in my hometown, but we were out of state when we offered. I'd seen the house two years before (while I worked as a real estate agent) so I generally knew what it looked like. The day we moved to town and were supposed to see it, I was in the ER. We didn't get to see the inside until the final walkthrough. Didn't bug me, but not for everyone. Better than expected!

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

Jordan Clemans, Story Real Estate
Brandon Allen, Synergy One Lending