Just bought my first duplex.

[Bryce Vaquera]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in West Palm Bch.

Purchase price: $314,000
Cash invested: $10,000

Its a duplex located in Lake Worth, my girlfriend and I live in one unit and rent out the other. We are planning on building a new structure once we figure out how.

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

I have been listening to BP podcasts for about 3 years now. I have known for a long time that my dream is to build passive income through real estate. I really wanted something I can move my girlfriend and I in to comfortably.

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

I got beyond lucky with this. I only pre approved at 180 on my first try. So I worked and talked to more people and met and agent that helped me use an (existing tenant) as income to get me approved high enough to put a 335k offer that the seller then accepted. The duplex was listed at 360k!! Then on top of that, the place appraised at 314!! Its actually really odd. I to this day don't know what happened with the closing. I got paid 1500. I thought I needed to pay 8k. So that was a relief.

How did you finance this deal?

FHA

How did you add value to the deal?

I do landscaping for a living. This has incorporated all sorts of dabbling into every trade in order to do specific jobs for people. Most of the work we are doing I am doing myself. I have a contractor set to come in a week to frame in some walls for our bedroom. other than that. I am capable of doing most other renovations.

Lessons learned? Challenges?

Keep talking!! To everyone haha.