Genesis - The Hack that infected us with the bug

[Travis Ferree]

Investment Info:

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

Purchase price: $106,000
Cash invested: $12,000

Side by Side Duplex with 3 beds and 1 bath in each unit, in a B grade neighborhood.

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

Fiancee and I were living with my parents...need I say more? LOL

Biggerpockets was a giant contributor to taking this small leap into rental property.

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

MLS

How did you finance this deal?

Local Bank - First Time Home Buyer

How did you add value to the deal?

I'm personally handy around houses so I used ~$6,000 and some elbow grease to repair a water damaged garage (posts, sheathing, shingles, exterior paint), upgrade to vinyl windows(entry level), painted every wall, removed nicely perfumed carpet and refurbished hardwood floors, replaced kitchen counters and appliances, installed heating duct to 2nd floor. ~2 years later insulated attic with blown in.

What was the outcome?

Rent increased from $800 to $1000 monthly

Lessons learned? Challenges?

The unit's appeal will determine the type of tenant willing to rent