House Hacked Duplex in North Wichita KS (1st landlord experience)

[Brandon Blankman]

Investment Info:

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

Purchase price: $340,000
Cash invested: $40,000

House hacking this duplex. Renting one side for 1450 for first year and then 1500 second year. Currently getting an extra 800 from the side I am living in renting a room to my sister and her boyfriend. Located in a growing multifamily development north of Wichita with quick access to a highway. I can see potential for developers in Wichita adding amenities further north of town which should allow for a decent appreciation in the property and increasing rental prices. Plans are to live in for a year or two and then head back to school in Norman. After a refi this should generate a solid income for me while I am back in school.

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

New build less headaches on repairs. Duplexes are being bought up as soon as they are built. Rental market in the area seems to be in high demand. Wanted to upgrade current residential living situation while cashing in equity and appreciation from my primary residence. Sold 1 door gained 2.

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

Found it on the market a year ago they haven't pushed to sell it once it became occupied.

How did you finance this deal?

FHA loan using proceeds from home sale to make the downpayment.