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Updated about 5 years ago,
Second duplex/multifamily property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $118,500
Cash invested: $22,500
My second property, the most expensive, the most work needed, the worst layout, probably my most regrettable purchase.
I bought this one while living off grid and on the road throughout Northern California, having already quit my job it just seemed my last ditch effort to aquire a loan.
I have LEARNED SOOOO MUCH HERE, and have been building an amazing network of laborers who help and teach me so so so much, it's been one of the largest learning experiences of my life!!
What made you interested in investing in this type of deal?
Felt like it was my only option before my ability to finance window closed.
How did you find this deal and how did you negotiate it?
MLS, it was actually listed for $145,000 originally and I offered $100,000 to start purchasing at $118,500 but still needing a massive amount of work.
How did you finance this deal?
Conventional bank financing
How did you add value to the deal?
Rwmodelling the absolute crap out of this house
What was the outcome?
I pull good rents on my lower and live in a beautiful upper unit
Lessons learned? Challenges?
I like fixer uppers but do not want anything else with asbestos, boilers, or knob and tube wiring.
Nor do I want anything else in poor rental markets.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, my lender I really like, she's always been awesome.
My rates seem a little higher through her but she is happy to look past my unconventional lifestyle and figure out financing for me despite a lot of challenges.
She is currently working on a cash out refinance on another property I own outright but hold a lot of debt I purchased it with. My income for last year was only $3,600 for the year after all of my write offs, I am stacked with debt and she is still pulling this together for me!!