First deal - 160k duplex for 20k

[Derek Parks]

Investment Info:

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

Purchase price: $90,000
Cash invested: $20,000

Bought off auction with private money for the purchase and rehab. BRRR'd it to get back private money loan. Have had to put about 10k more of one money for unexpected and unestimated expenses. Still a heck of a deal and was a great experience. I did the rehab with family and friends help.

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

BP podcasts and watching the market

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

Zillow listing came to my email inbox from a saved search. Bought off auction.

How did you finance this deal?

Private money from rich friends parents. Paid them back plus %2 financing fee.

How did you add value to the deal?

Complete rehab on one unit. Carved out extra bedroom in other unit.

What was the outcome?

Basically bought a 160k house with no money down. I did end up putting about 20k into it.

Lessons learned? Challenges?

Estimate rehab costs better. Plan for additional month of holding costs.