New 2/1 X 2 duplex for my portfolio

[Randy Buff]

Investment Info:

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

Purchase price: $300,000
Cash invested: $31,000

2/1 X 2 duplex with new roof, newer AC's and new water Heaters in really good shape. Under mark rents on MTM terms. Off-market from past client. Bought with seller financing with 3 year balloon. I look forward to having this property in my portfolio for years to come.

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

I really liked the condition of the property plus the seller financing helped seal the deal.

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

A past client of mine reached out to me when she wanted to sell.

How did you finance this deal?

Seller financing with 10% down 3 year balloon with 20 year amortization.

How did you add value to the deal?

I know the market well as I sell a lot of duplexes and small apartment buildings in the area.

What was the outcome?

Purchased

Lessons learned? Challenges?

Patience. This deal originally was supposed to happen in December 2023 but the seller wanted to wait.

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

I was the agent