Our first deal - 2-family duplex

[Account Closed]

Investment Info:

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

Purchase price: $81,000
Cash invested: $10,000

Two-family house that needed remodeling. One of us (not me) is a talented contractor and remodeled both units himself, keeping our renovation costs very low.

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

A lifelong interest in real estate. Also, after my husband found the BRRR video on Biggerpockets, we were basically hooked and ingested every single piece of free information we could get our hands on. After that we purchased our first deal. Becoming landlords really puts a fire under you to learn so you don't lose. We joined pro and are shopping for our next deal.

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

We found this through the MLS through our friend and agent and negotiated though her and sellers agent. Nothing fancy.

How did you finance this deal?

We put 25% down and got bank financing.

How did you add value to the deal?

We remodeled both units and will begin cleaning up the outside, possibly siding it.

What was the outcome?

We are very happy with our investment. We are so happy, in fact, that our greatest trouble at the moment is the lack of inventory in our market. We are beginning to look outside of our market.

Lessons learned? Challenges?

So far, our greatest lesson has been the lease is EVERYTHING. Having an iron lease is our first priority. We are working on having our lease professionally fined tuned. Also, we aspire to have smooth and high-functioning systems in place to make life easier, as it relates to every step of the process of renting out a unit. Currently, a work in progress.