First Personal Purchase and also first Duplex

[Gabriel Perez]

Investment Info:

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

Purchase price: $542,000
Cash invested: $25,000

Purchased a duplex as my first primary residence to house hack the mortgage. Cash invested was tricky because we are expecting our first child so some repairs were unnecessary (extras) that would likely have not been made had it not been our primary residence. Decided to gut the kitchen, redo the floors, and update the kitchen's electrical as well. Super happy with the result so far!

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

Wanted to try my hand at a hybrid House Hack and BRRR

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

Found it via the MLS once escrows began falling through during the Coronavirus pandemic. Befriended the other agent very quickly which gained us more information about the Seller's desperation.

How did you finance this deal?

Parents' helped with some cash down. Seller paid for closing costs. 96% of the deal was conventional financing at 3.125%

How did you add value to the deal?

We redid the landscape with sprinklers and grass. Removed a wall to open the kitchen to the dining room and renovated the kitchen.

What was the outcome?

Still in remodel

Lessons learned? Challenges?

Still learning some