Dogwood Duplex in Belmont NC

[Derek Wilson]

Investment Info:

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

Purchase price: $145,000
Cash invested: $10,000
Sale price: $240,000

My first investment!! A house-hacked duplex. One side needed significant renovation (the side we occupied) which I mostly did myself. The other side was ready to be rented when we purchased the property. we lived in one side for 2 years (doing this helps you avoid capital gains tax) then we purchased a foreclosed fixer upper and rented both sides. It was getting $1900/month gross rent. I sold it in order to invest the appreciation into a new build investment.

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

I was poor and house hacking seemed like my best option!

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

On market deal.

How did you finance this deal?

Long story but it was supposed to be an fha loan that was turned into a conventional loan with fha 3.5% down payment. I got lucky

How did you add value to the deal?

Significant renovation to one side. Area where it was located became in high demand so it appreciated quickly.

What was the outcome?

Made a lot of money with the appreciation and rent received. Gained experience with renovation and rentals.

Lessons learned? Challenges?

You have to be willing to gamble (smart risks), make sacrifices, and keep grinding to accomplish your goals!