San Diego Duplex: my first multifamily!

[Joshua J Cawthorn]

Investment Info:

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

Purchase price: $700,000
Cash invested: $14,000

My first duplex!

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

A broker cold-called me and I mentioned I was interested in multifamily deals in this zip code. We texted back and forth for a couple weeks and I believe I made an offer on a total of two properties (including this one).

How did you finance this deal?

VA loan.

How did you add value to the deal?

Upstairs bathroom needs an almost entire rehab. The upstairs kitchen is not in great shape, needs new appliances. The garage door needs to be replaced. The exterior of the property needs paint and possibly new siding. The downstairs unit is in good condition, although the kitchen could be updated.