I bought a second duplex that was fully rented

[Casey C.]

Investment Info:

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

Purchase price: $45,000
Cash invested: $10,000

I bought a fully rented duplex on contract for $45,000 with $10,000 cash down.

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

I like the extra cashflow from a duplex versus a single family home.

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

Deal was on the MLS listed with a local realtor. Listing price was $62,000.

How did you finance this deal?

I bought it with seller financing. $45,000 purchase price with $10,000 cash down payment.

How did you add value to the deal?

I cleaned up the grounds outside and moved the tenants from month-to-month to 1-year leases with slightly higher rents.

What was the outcome?

I still own the duplex and it is still rented by the inherited tenants.