First Cincinnati Duplex Purchase

[Sarah Hall]

Investment Info:

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

Purchase price: $200,000
Cash invested: $50,000

Beautiful duplex, centrally located in a super cute neighborhood.

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

I really love the idea of having multiple units under one roof. Since this was my first investment property, I thought Duplex would work well.

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

This was actually an on market deal that a realtor I interviewed and hired found.

How did you finance this deal?

This deal was done with a conventional loan with 25% down.

How did you add value to the deal?

There were very few things that need to be done before we could rent out the property. Both units were rented one week after closing.

What was the outcome?

Sometimes things just feel like they’re meant to be and this was one of those. Even during Covid finding 2 sets of washers and dryers, and 26 sets of pre-cut blinds for an 80 year old house was not an issue.

Lessons learned? Challenges?

Fast-forward… I found out the owner of the house did a bunch of repairs and improvements without getting permits. The city has really cracked down on permitting and so I inherited a lot of problems. this is some thing I’ve been dealing with for the past nine months.