Closed on Doors 3 & 4 (duplex)

[Jeff Hamlin]

In follow up to my last topic (Closed on Door #2), we were happy with our first out of state Turnkey real estate investment last year. 

In this latest instance though, I chose to work with a local realtor in the KC area. Almost a year after our first purchase in KC, we closed on a duplex (Raytown). I'm pleased with this acquisition and happy to share the numbers if it will help others like me who spent too long thinking about it before taking action.

Purchase Price: $125k // Appraisal: $131,000 // All in after rehab: $137k

Financed: 75% ($93,750 @ 5%) // Monthly PITI: $697

Mgmt Fee, Landscaping, Garbage: $272 monthly

Reserves, Maintenance, Vacancy, etc.: $250 monthly

Income: Rehabbed side - $925; unrehabbed side - $790

Positive Monthly Cashflow: $496

My wife and I have been residential realtors for many years and after a positive out of state experience, we were interested in buying a 2-4 unit property where we could add cosmetic value. Our contacts led us to an excellent realtor who helped us identify this property which turned out to be quite close to the turnkey property we purchased last year. We kept one tenant in the duplex who has been there 10+ years and rented the other side after rehab.  

We are looking forward to further developing our experience and making our next multifamily purchase in the KCMO area.

Many thanks to the contributors at BP for keeping this business top of mind for me and much encouragement to those of you who are thinking of getting into real estate investing.

Best ~ Jeff