Updated over 5 years ago on . Most recent reply
First Duplex flip with father
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Rome.
Purchase price: $29,500
Cash invested: $25,000
Purchased half way renovated 1920's duplex in my home town. Since then we have managed to update and renovate this duplex to a buy and hold. Renting each side out for current market rents!
What made you interested in investing in this type of deal?
One side of the property had already be renovated and it was an easy start to get rents coming in right away. This was a great first project for my father and i. I was looking for a buy and hold but didn't want to pay full price.
How did you find this deal and how did you negotiate it?
Actually we found it on zillow and i shared with my father and he said let buy it.
How did you finance this deal?
My father had recently sold on of his properties and we were able to do a cash purchase and reno.
How did you add value to the deal?
My knowledge of renting and finding great tenants helped along with what i knew about construction. My father a previous contractor was able to get it up to code and make it a solid place to rent.
What was the outcome?
We have a great incoming rental property with so far long term tenants.