First Deal: Historic New Orleans Duplex Renovation

[Adam Broussard]

Investment Info:

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

Purchase price: $265,000
Cash invested: $9,000

Currently renovating this historic duplex. We will live on one side and rent the other.

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

My main interest in this deal was to reduce our monthly expenses while building equity. We intend to build up finances to buy a second house and then rent out the side we currently live in.

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

We found this deal on the MLS through a realtor.

How did you finance this deal?

We financed this deal with FHA 203k loan.

How did you add value to the deal?

Renovation:
Redo 1/2 siding
New Roof
Add central AC
Appliances
Paint
Bathroom/Mudroom tiling
Vanities

What was the outcome?

We are still renovating but we are pleased with the looks of everything so far.

Lessons learned? Challenges?

The biggest challenge has been slow labor from the contractors side and unexpected issues that could have been seen with proper inspectors.