Happy Duplex Buying Day!

[Heather Gates]

Investment Info:

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

Purchase price: $84,900
Cash invested: $13,124

Adding doors number 6 and 7 to the portfolio on this beautifully hot Friday. This thing is going to need some love, so my first non-turnkey property. Work begins tomorrow morning! I purchased this from an owner/agent moving out of state.

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

Multi-family close enough to allow me to self-manage.

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

MLS- I negotiated concessions, not purchasing price.

How did you finance this deal?

Commerical loan through local bank

How did you add value to the deal?

I will be adding value with some light renovations. This property also sits on almost 7 acres so plenty of area to expand.

Lessons learned? Challenges?

Challenges will be in the renovations- this will be my first time handling them, as well as my first time to self-manage.