Duplex rental in Worcester

[Mina Pongsa]

Investment Info:

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

Purchase price: $250,000

This is my first home and it is also my first investment property.

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

At that time, it is the only house I was qualify to purchase

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

I work with real estate agent and buy it.

How did you finance this deal?

Mortgage/house hack 5 % down

How did you add value to the deal?

A fixer-upper, I fixed everything in this house as best as my finances allowed at the time and rented it for 20 years. The long-term tenant moved out in 2023. I did a major renovation and increased the rent from $1000 pm to $1700 pm.

What was the outcome?

The house created cash flow and equity, allowing me to finance and purchase the second property.

Lessons learned? Challenges?

It needs a lot of time and money and skilled work

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

Coldwell banker