First investment, duplex 😊

[Haley Sater]

Investment Info:

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

Purchase price: $124,000
Cash invested: $40,000

This duplex was the perfect starter investment. We ended up working on it for a whole year before both sides were rented but it paid off and now rents for $3000 a month.

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

It was our neighbor house l, so naturally we cared about how it would look and how well taken care of it would be, so we just decided to buy it. We were very nervous at first that it would be a money pit, and it was for a while but now cash flows $1600 with both sides rented

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

Saw the for sale sign go up 😅

How did you finance this deal?

Partnered with another investor who could front more cash and had to get additional co-signers

How did you add value to the deal?

We did a lot of the labor to fix it up ourselves. Rehab on this house included, patching the roof, replacing and tiling the bathroom, sanding, staining and sealing hardwood floors, reframing and drywalling a cutout arch between kitchen and dinning room, fixing some electrical, painting, Rescreening a porch, building a fence, planted walls and ceiling and installing a new kitchen, installing French drain, added insulation and probably more that I can’t even remember.

What was the outcome?

It’s beautiful, we’ve had no trouble getting tenets!

Lessons learned? Challenges?

Doing it yourself may take twice or three times as long but then you know what you’re doing and if it’s worth contacting out in the future. Also you just have to take it day by day.