My first duplex!

[Andrew Marino]

Investment Info:

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

Purchase price: $76,500
Cash invested: $30,000

A duplex, which was 100% occupied when I bought it.

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

Inexpensive cash flow opportunity in good, solid blue-collar neighborhood - at a time when I was making decent money in my W2 job.

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

Found on Roofstock, researched agents and connected; researched lenders and connected; then just put it all together.

How did you finance this deal?

Traditional.

How did you add value to the deal?

General maintenance and repairs.

What was the outcome?

It's a good, reliable cash-flowing property. (Although I'm getting conflicting reports and wildly variying estimates on post-move out quotes--from the same inspector! I'm not sure what's entirely needed, nor how much the needed pieces will cost, nor how long it will take. I can't get a straight answer out of my team, and it's frustrating--to say nothing about how costly waiting to figure it out is.)

Lessons learned? Challenges?

Some of my leases need to be updated, including increasing security when increasing rent; putting in clear violations (such as tenants using electrical heaters, which is a fire hazard); having a reliable attorney ready should any legal issues arise.

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

Erin Moio, real estate agent, is absolutely phenomenal. She's smart, accurate and quick--which apparently is a rarity in my experience.