First Duplex Buy and Hold

[Cody Wilson]

Investment Info:

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

Purchase price: $275,000
Cash invested: $11,210

After watching the market for years and missing out on some quick sales from other investors, found a duplex in a great location with motivated sellers.

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

A side by side duplex is hard to find in this market. In addition, the units have washer/dryer, disposal, covered carports, and the biggest amenity for my target renter demographic, a yard for animals.

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

I found this deal using Zillow alerts. I went in over the asking price, but that was still under my top number based on the market rates for the units which were egregiously under rented.

How did you finance this deal?

FHA Loan through NBKC Bank. Big shout out to NBKC Bank, they were great to work with and fast.

How did you add value to the deal?

Renos will start once the snow melts, but in the meantime, will be raising rents to market rates once current leases expire.

What was the outcome?

Transaction complete, looking for the next deal.

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

NBKC Bank