1st Long Term Rental Property (Duplex)

[Michael Vittorio]

Investment Info:

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

Purchase price: $250,000
Cash invested: $60,000

Live In House hack with a hint of BRRR. I was able to buy this property during the early stages of the pandemic and before the run up in the market. I was blessed to be able to take advantage of teleworking and work on my side of the duplex while home. I put about a whole year of sweat equity into the property and developed it into a high renting side. I will eventually renovate the other side when the long term tenant moves out.

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

I have wanted a duplex for a long time. I found the right one off market and I was able to close on the deal!

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

I have been looking for an investment property for almost 2 years. My realtor called me on my birthday and mentioned a property came back on the market THAT DAY. She said I had to see it today, so I did and we put an offer the same day.

How did you finance this deal?

This was financed via conventional loan.

How did you add value to the deal?

I completely flipped one side of the property. I put in new floors, repainted the walls, redid the bathrooms and cleaned up the exterior. I also put in a new fence.

What was the outcome?

I still have the property and it is cash flowing nicely!

Lessons learned? Challenges?

I loved every second of it! Lessons learned:

- I really enjoy flipping a house with my own hands
- I now know how to eradicate certain pests inside a property
- I have gained an incredible amount of knowledge on inspecting a property to make sure it is a sound home

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

I had a fantastic realtor. Charlen Wales based in the Hampton Roads, VA area. She stuck with me through the end and was always very attentive! I didn't deserve her but she was always there!!