First Duplex Purchase

[Jamie O'Connell]

Investment Info:

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

Purchase price: $72,000
Cash invested: $26,000

Top/Bottom Duplex. One rented to Section 8.

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

Two doors for price of one mortgage.

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

Realtor, back and forth on possible seller financing before going regular route.

How did you add value to the deal?

Renegotiated with Section 8 and hope to get second Section 8 in bottom unit.

Lessons learned? Challenges?

Be willing to fight for what is right with a shady seller and walk away if not a positive outcome.

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

Yes, both were great. Great lender if you have a w2 or 2 years 1099.