Duplex - 2 bed + 1 bath, great backyard (purchased in November of 2023)

[Emma Whear]

Investment Info:

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

Purchase price: $370,000
Cash invested: $55,500

Fun little duplex! Purchased this to add to my portfolio. Has a great backyard and very standard inside units with two beds + 1 bath and great south-facing windows.

As soon as we took possession, we painted the top unit and switched out light fixtures + outlet covers.
Planning to do the same to the second unit in August.

We've been doing lots of landscaping and plan to:
-replace the front fence
-replace the shed
-paint the outside
-add better ventilation through the roof

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

At the time, we were living in our other duplex. While that one cash-flows better, it doesn't have any sort of yard and the privacy is limited since it's surrounded by multi-family properties.
I have two toddlers so I was looking for a property with a yard and with more privacy!
Plus, it's near family.

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

Found it online.
I Initially offered pretty low, was rejected, and then waited about a month until they countered much closer to my offering price.
Also, the terms of our offer were pretty ridiculous because it was contingent on:
-Us finding two sets of renters and signing leases (in order to get the financing in order)
-The owner of the offered-on property buying-out one set of his tenants
-Us being able to move in within 60 days of closing

How did you finance this deal?

Conventional Loan. 30 years.

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

Jordan Clemans at Story Real Estate! I used to be a real estate agent, but let my license lapse when I became a mom.