Duplex in Portland, Oregon

[Irving Casas]

Investment Info:

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

Purchase price: $388,000
Cash invested: $77,600

On February 8th, 2021 I bought a duplex for $388,000. The tenants who were on a yearlong lease were paying $1,300. Once I moved into the vacant side of the duplex, I realized I still only needed a room to sleep. I had reversed house hacked my entire adult life to save for my downpayment. I rented the vacant room for $725. My mortgage is $1750. My expenses include taxes, home insurance, water/sewer, 5% for vacancy and 10% for capital expenditures and maintenance.

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

In 2020 after months of listening to BiggerPockets and analyzing deals. I focused on buying a duplex in Portland, Oregon.

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

I work as a realtor. I found it on the RMLS. After inspection I was able to negotiate 8k in closing credits in lieu of repairs.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

I rehabbed the kitchen, bathroom and painted the entire home.

What was the outcome?

I now pay zero in living expenses.

Lessons learned? Challenges?

Buy more real estate.

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

My inspector was great!