1bd/1ba Duplex, First Deal, House Hack

[Marc Miller]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Panama City Beach.

Purchase price: $162,000
Cash invested: $40,000

First Deal!!! Buy and Hold/House Hack. 1bd/1ba Duplex less than half a mile to the beach.

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

My wife and I were looking for a small multifamily property that we could live in and rent out the other units.

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

MLS/Little Negotiation. We were a backup offer and the first offer luckily fell through.

How did you finance this deal?

Conventional Loan with 10% down. The rest of the invested money has been used for renovation.

How did you add value to the deal?

Renovated the half we are living in by putting in new floors, appliances, fixtures, lighting. After hurricane Michael, we rebuilt our fence, carport, added a drain field line, and installed a new front door. About to start our renovation on the second half of the duplex.

What was the outcome?

Perfect first deal! I've been learning so much and I'm glad I have had the chance to start on a small scale.

Lessons learned? Challenges?

The two biggest lessons I've learned are:
1) Money goes quick on renovations
2) DIY Renovations take a lot longer than you think when you are learning as you go from YouTube

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

David and Lisa Sample with NextHome White Sands Realty!
Hank Stokes with Beach House Home Inspections. He went above and beyond by letting shadow him while he was inspecting, so I could learn what to watch out for when buying future properties.