First Duplex Purchase!!!

[Melissa McGinnis]

Investment Info:

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

Purchase price: $120,000
Cash invested: $129,000

First Duplex

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

Listening to BP made me want to transition from SFR to small multi family.

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

I posted on FB about buying another one and this caught the attention of a friend who offered to sell me her duplex

How did you finance this deal?

Cash

How did you add value to the deal?

It was under priced to begin with so I sat down with existing renters and outlined a 2 year, rent progression program. The rent went up for me but also didn't hardship the tenants with a large sudden increase. I'm also slowly cleaning up and updating outside of a neglected unit to add value going forward.

What was the outcome?

Just a few months in but it's great so far!

Lessons learned? Challenges?

Talk about what you're doing on social media. You never know who's watching! HVAC went out immediately and that was a serious challenge to my budget but I had it so it worked out.

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

No