Duplex in Phoenix added to my portfolio

[Mary McGinty]

Investment Info:

Small multi-family (2-4 units) private money loan investment.

Purchase price: $593,000
Cash invested: $145,000

New Construction Duplex build in 2021, 3 bed, 2.5 bath, small yard with a one car garage. Also, Inside laundry, great room, wood cabinets, concrete floor on main living area, carpet and tile on second floors. Separated yards for privacy. This is located in a generifying area with a light rail coming soon, new builds all around, located downtown and close to Phoenix airport.

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

My comfort is in multifamily as it has many doors that are capable of paying for the property if there is a vacancy

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

Found the deal on realtor.com, it was posted but not taking offers. I saved it and when it became available I put my bid in! I GOT IT!!

How did you finance this deal?

The down payment was my own money using my bank for the loan

How did you add value to the deal?

I had to build a fence for privacy, separating the yards. I pay for monthly ground keeping.

What was the outcome?

I took a huge risk as the area is still in its growing stages. There are vacant lots for sale and more properties being built. It has a great cash flow. Putting a smile on my face. Great add to my portfolio.

Lessons learned? Challenges?

Lesson learned: the address when posted was 911, when I went to go see the house, I noticed the address was 909. I freaked out, LOL. I almost pulled out of the deal. I learned that the land has an address and the utilities has another. I bought it out of state, with video from my realtor.

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

MYND-my property management