Duplex in Norfolk VA

[Chris A.]

Investment Info:

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

Purchase price: $141,500
Cash invested: $500

Duplex, VA Loan

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

Wanted to use the VA loan to house hack, live in half and rent out the other half.

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

MLS listing. I used numbers that reflected renting out both units and using a property manager since I am still in the military. Seller had to come down to meet these terms but it worked out. Doing a 0% down VA loan made this a little more difficult/ tighter deal but I am glad that it worked out.

How did you finance this deal?

VA Loan

How did you add value to the deal?

In 2018, rehabbed the kitchen prior to moving in current tenant in unit 2

What was the outcome?

Great rental property that produces steady cashflow.

Lessons learned? Challenges?

Had a tenant want to break the lease early to move away for a job shortly after purchase. I had him look for a suitable replacement, and I would release his financial obligation once the new tenant moved in. I had someone who was local (while I was on deployment) assist with vetting the new tenant and it worked out well. Having great people to assist, boots on the ground while you are out of area is really helpful.

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

Alex Winfield was my agent for this purchase, and I would highly recommend him.