First Move in Over 3 Years - 2 New Duplexes

[Christopher Schmidt]

It's been a while since I've been online, wow has the site changed.  Before last month, I hadn't made any real estate 'moves' since December 2012, at which time I had 2 duplexes in Rochester NY (I'm an out of state investor).

The last couple months though I've upped my game some...I sold my former Primary Residence in Florida for a nice profit (I moved to SC and rented it out for just under 3 years...phew kept my capital gains)...closed on another duplex (Rochester again) for 22k and have a contract on another property 2 houses down from the one I just closed on, for 25k.

The first duplex, we've started work on and already have a tentative tenant for May 1 @ $750 / month.  We should get 700-750 for the other unit as well, hopefully around the same time frame.  We expect to put about 10-15k worth of work, and is actually not in a too bad part of the city.

The second duplex, nearly identical is under contract and pending an inspection.  One unit is in need of significant repair, while the other unit is already bringing in $800 / month.  We expect about 15k in repairs on the second unit, and should rent $700-750 as well.  This is also the first property in which I am partnering up with someone, actually a neighbor I met when we moved in a year ago (benefits of loving to talk about real estate, you never know who is willing to take a risk with you).

I found a refreshed vigor with investing when I actually sat down and made some goals.  After these 2 properties, I want 2 more this year (with or without a partner) and I want 3 more each year following (again, with or without a partner), for the next 4 years (until I am 40).  This should give me the passive income needed to be 'free' from shackles of forced employment and give me the flexibility to chose what to do with the rest of my life...it's a little 10Xish...but it's what I got...

My plans moving forward too are to look at other realtors & PMs in the Rochester area (I have met a few on here I am likely going to talk too).  Not that I am dissatisfied with my current resources, but to see if some diversity can spread the risk as well as compare the services within the market.

I'll post progress as I am hoping to continue to be engaged with RE...

Chris

[Christopher Schmidt]

@Barry Cohen I'll admit I'm taking a risk on this, but I am managing everything through my PM, whom thus far I have trusted.  I do have family there, who invest as well, so they've helped with ensuring the estimates are good and will be able to keep an eye on the progress.  We'll see if it goes well or not...