The Octagon in KCMO- Our First Duplex

[Chris Heichel]

Investment Info:

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

Purchase price: $160,000

The Octagon! Our first investment property. We purchased with the intention to buy and hold as a source of passive income.

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

We wanted a multi-family unit to be our first investment property.

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

I found the property on Redfin. It had been on the market for over 30 days which is a lifetime in this market!

How did you finance this deal?

We used a HELOC on our primary residence to fund the down payment

[Chris Heichel]

@Lee Ripma The numbers seemed to work on it, I ran them about 20 times being our first investment! As luck would have it the seller dropped the price $10K the day before I put in an offer. 

@Joshua Espejo It is! Both units are currently occupied. The previous owner did some upgrades and I will likely do some more value updates in-between tenants to fetch more rent. I am hoping to use the BRRRR method on future purchases but for our first property we didn't want to jump into something that required substantial renovation. Have you BRRRR'd anything in KC?