Closed on my first duplex

[Alex Martens]

Investment Info:

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

Purchase price: $279,900
Cash invested: $25,000

This is my first duplex in a highly desired area. The bottom unit is 1 bd 1br and the top unit is 2 bd 2 br with a finished attic that can easily be transformed into a 3rd bedroom. The property it pretty much turn key. I am just doing some light updating, like light fixtures, fresh paint and LVP in the attic.

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

Primarily the location. It is a B class area, and a lot of college students and young professionals love living there.

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

I found it on the MLS and used my fantastic realtor.

How did you finance this deal?

A portfolio loan, with a HELOC for the down payment.

How did you add value to the deal?

I will be converting the top unit from a 2 bd to a 3bd.

What was the outcome?

It is not rented yet, but hope to have it rented come Feb 1.

Lessons learned? Challenges?

One thing I have come to realize is hiring things out isn’t always bad! I have been stressed about finding the time to do electric work and new flooring. I eventually decided to just hire it out, and since I can afford it, I feel instantly relieved. I am not great with electric and flooring, so It’ll get done faster and correctly with a professional doing the work.

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

My realtor has been absolutely incredible. He understands investing as well as construction, so I had a good set of eyes looking at the property with me.