Second rock in the (hopeful) landslide

[Marcus Burleson]

Investment Info:

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

Purchase price: $178,000
Cash invested: $50,000

Duplex, 3 bed and 1 bathroom per unit.

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

The first rock in the (hopeful) landslide was allowing me to live for free. In the market, at this time, purchasing a duplex was a no-brainer! One side paid the mortgage, and the other was all income. At the time that I was buying my first three duplexes, I could not figure out why more people weren't doing it. The potential was amazing! I am so bummed that I didn't know of other funding methods, because I would have written way more offers!

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

MLS. Used a realtor

How did you finance this deal?

Conventional non-owner occupied. 25% down

How did you add value to the deal?

Value adds

What was the outcome?

Hopefully, second child's college education

Lessons learned? Challenges?

Already finished properties are more on the upfront end, cash, but can be very good investments. I have probably had a few thousand dollars in maintenance and expenses in the last 5 years.