Alaskan SFR to duplex success!

[Teal Heller]

Investment Info:

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

Purchase price: $250,000
Cash invested: $30,000

Purchased as a SFR. Remodeled into a duplex. Lived in top half & rented bottom half. Then moved and now rent the whole thing.

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

I wanted to have investment income to help pay my mortgage.

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

I used a Realtor. It was a fixer-upper, but structurally sound. There were already 2 kitchens and 2 living areas so the remodel was much more economical.

How did you finance this deal?

I used a retirement account dispersal that was allowed for a home purchase.

How did you add value to the deal?

I remodeled it into a duplex.

What was the outcome?

I gained over $100k in equity after the remodel. 80% of my mortgage was paid and now it generates a steady income each month.

Lessons learned? Challenges?

I learned the power of a good house hack before they were called House Hacks.

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

I highly recommend working with a Realtor. That is why I became one. I learned so much from my Realtor and would not have wanted to do the deal without her.