first buyer 2018 duplex

[Elliot Terekhin]

Investment Info:

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

Purchase price: $360,000
Cash invested: $35,000

its a brand new built duplex, first time buyer! located in downtown area of Vancouver WA. im pretty excited to get in this space and continue growing.

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

im an electrician by profession and am always surrounded by construction. I have a few mentors that advised me to start like this with the amount of cash i had

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

my agent sent this to me through MLS. we were bought at the peak of the market in an already expensive market, so there was no room for negation.

How did you finance this deal?

conventional loan 30yrs. 5% down

How did you add value to the deal?

ive done some of the work myself, and I've traded labor with a few contractors that i have really good relationships with. we added nice life proof flooring, quartz countertops, extended the kitchen, backsplash kitchen, a nice modern-looking horizontal fence

What was the outcome?

we moved into one side and were able to find a renter for the other

Lessons learned? Challenges?

i probably shouldn't have invested any other money in the property since it was turn key, however, ive only done the upgrades in the unit that i live in