Salina, KS duplex, 1st investment

[Spencer Barriball]

Hey forum, 

First investment property deal is in the books. My partner and I bought a duplex with 2 one bedroom one bathroom apartments. Purchase price was $53,000 and tenants just had just renewed 12 month leases. Each side pays $385 in rent and is responsible for all utilities, snow, and yard care. 

This was a sound duplex and no work is needed to keep the tenants. We plan to update some of the features and raise rent if they ever decide to move out. For now, our Cap rate is 12%. New furnances, plumbing, and other items were added less than 4 years ago. We do our own property management and have our property in an LLC.

Our goal is to let all the cash flow build up in the llc for financing our next property. We are utilizing the buy and hold strategy to build up our portfolio. 

Financing was somewhat simple, we took out personal line of credits for 50% of the duplex each. 

Here's to hoping the first year is smooth. Are there any other Salina, KS investors? 

Cheers