1st Deal, 1st Duplex

[Kim Wendland]

Investment Info:

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

Purchase price: $170,000
Cash invested: $60,800

3-2-2 1325 sq ft per unit duplex
13.42 Cash on Cash ROI
6.16 Gross Rent Multiplier
1.9 Debt Coverage Ratio
$206,000 Y1 property value
$21,200 Gross profit if sold today (but we are holding)

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

BiggerPockets education and tools.
Seeing other's success.
REI is the next step in our financial plans.

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

Realtor found it. We had to pay $5,000 above asking; but the math was still good.

How did you finance this deal?

20% down, 80% finance, personal assets for reno

How did you add value to the deal?

Foundation leveling, cosmetic from there

What was the outcome?

Rockin' great rental!

Lessons learned? Challenges?

Waco TX is very competitive. We're grateful to have landed this deal and had a great realtor looking out for us.
In the future, we will estimate the cosmetic work required after leveling at 1.3x cost of actual leveling.

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

Absolutely! CIF Real Estate, Jennifer Robins and her team absolutely ROCK!!!