Building my portfolio one duplex at a time.

[Keith Gibson]

Investment Info:

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

Purchase price: $20,000
Cash invested: $9,000

Duplex with two 1 bedroom, 1 bathroom units.

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

My goal is to locate income generating properties, wanted to add a multi-family unit in my portfolio.

So many properties in the area.

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

Local realtor - asking price was $35,000. Purchase price was $20,000.

How did you finance this deal?

I financed this deal from my personal savings. I will use the BRRRR method to finance my next project.

How did you add value to the deal?

Investor, project managed rehab of unit #2. Unit 1# has long term renter. Property manager, renew lease, interview prospective tents and much more. I'm local in Memphis. I move to Memphis recently from Northern California to scale my Real Estate business.

What was the outcome?

Local community development, rental income, long-term investment. I'm also able to work with local contracts, building my team.

Lessons learned? Challenges?

Building a good team is important, finding people you can trust can be a challenge in the beginning.
Keep open community with team.

It's very important to keep documentation. Keep receipts, quotes, payments and all that other stuff...

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

I have a local agent who I work well with. I'm studying for TN Real Estate exam. I work with Navy Federal Credit Union and Tri-State Bank of Memphis.