2nd Duplex, Wyatt street side by side

[Nicholas Lamarre]

Investment Info:

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

Purchase price: $360,000
Cash invested: $45,000

Side by side duplex built in 1959. Brick pier and beam structure. On unit larger than the other. Both 2/1 layout with a detached 2 car garage as well as a 2 car carport. Lots of work to be done on this. Need to move tenant from the big unit to the smaller one. Then renovate larger unit 1240 sqft and make it at least a 2/2. Shooting to make it a 3/2 before I finish my 12 month stay for finance reasons.

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

Wanting to expand upon and replicate the success of the first duplex. I went with the same generation structure as the last one.

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

MLS, normal process through realtor. Retail price, but the market was crazy hot, so was fortunate to close it.

How did you finance this deal?

Conventional loan. 25% personal home loan. Opted to pay more down to make payment lower.

How did you add value to the deal?

Currently working on updating electrical, HVAC for both units. Larger unit will get a near complete overhaul. Will add additional bathroom for sure. Potentially a 3rd bedroom.

What was the outcome?

In the process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lucia Rushton, very professional.

[Nicholas Lamarre]

Originally posted by @Michael H.:

Congrats! What will the numbers look like once you rent both sides out?

 Payment with escrow is $1825. Small unit will be set at $1200 (just shy below average for a 2/1 in 75218 zip). Larger unit will take a couple months to set up, but expecting at least $1500 when done. It’ll be a 2/2 with way more sqft with exclusive access to a 2 car garage. Still analyzing if adding a third bedroom makes sense with the layout.  We’ll see what the realtor thinks when they see it done prior to marketing. Should be a conservative $875 positive cashflow for this deal starting in July. No home run given the reno costs anticipated to be north of 40k. Almost half of that is electrical and HVAC😕. It’ll all pan out in the long run.