Property 1, Duplex House Hack

[Josh Pryor]

Investment Info:

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

Purchase price: $143,000
Cash invested: $21,000

Duplex house hack, rent pays my mortgage plus $250.

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

Cash flow. With a stay at home mom/wife and myself working 48 hours a week in a high paying retail position, I'm working towards building the cash flow to sustain myself outside of my 9-5, for more REI opportunities.

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

I found it on day 1 that it was posted on the MLS. An all cash buyer and myself dropped offers off to the seller on day 2. Seller initially went with the cash offer until buyer used the inspection report to nickel and dime him down $15k. He backed out and called me. Inspection report showed multiple small fixes that may take a couple of days for one person to fix. I renegotiated a couple thousand lower than my initial offer and we had a deal.

How did you finance this deal?

15% down conventional loan

How did you add value to the deal?

Small cosmetic work throughout. Repairing the garage. Turning the attic into a laundry/office.

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

Tiffany Bosecker w/ Keller Williams, Evansville.