Purchasing my first duplex

[Matthew Vanek]

Investment Info:

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

Purchase price: $151,000
Cash invested: $60,000

Last year I bought my first investment property, a duplex with 2 bed/ 1 bath in each unit. About 1,000 Sq. feet each. Its an amazing house that I got for a great price and it was in remarkable condition compared to others I saw in my price range. It needed minor cosmetic updates, I was able to do most of the work myself and it has been rented out since last summer.

How did you finance this deal?

Through a bank.

How did you add value to the deal?

Completing any necessary repairs and maintenance. Completing cosmetic updates to the interior, painting the whole interior, removing drop ceilings to make the space feel bigger, gutting and renovating one of the bathrooms.

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

Worked with a coworker as my agent, a lender she recommended.