Second investment purchased! Duplex in the Glades area in Florida

[Brian Ton]

Investment Info:

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

Purchase price: $99,000
Cash invested: $100,500

Duplex in the Glades area. This property was my second overall real estate investment purchase.

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

Cash on cash return. Discounted property values in an economically depressed, but improving area.

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

MLS (Redfin). Property was fairly priced and numbers were profitable to my criteria at asking price. Inspections and appraisal were favorable.

How did you finance this deal?

Cash purchase.

What was the outcome?

Inherited two long-term tenants in each unit. Continues to be an income producing property.

Lessons learned? Challenges?

Things are much easier with a good property manager. While still under contract, had to pull permits for the new metal roof that was previously installed. Agents helped take care of everything.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Melissa Blount & Luan Walker, Sugar Realty in Clewiston, FL