My first investment property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $150,000
Cash invested: $30,000
This is a duplex located within walking distance of the ocean in Satellite Beach. Each side is 2/1 with a fenced-in backyard. It has terrazzo floors that I had refinished in 2013.
What made you interested in investing in this type of deal?
Back in 2013, each side was renting out for $900. At a purchase price of $150,000, it produced significant cash flow. That was the extent of my financial analysis back then.
How did you find this deal and how did you negotiate it?
At that time, I was a full-time Realtor and listed the property. After one of the contracts fell through, I decided to purchase the property.
How did you finance this deal?
Conventional loan with 20% down.
How did you add value to the deal?
At that time I purchased "as is".
Lessons learned? Challenges?
I wish I purchased more of these duplexes.
