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Updated over 3 years ago on . Most recent reply
First property and feeling good!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Duluth.
Purchase price: $139,000
Cash invested: $22,000
Contributors:
Brittany Kuschel
This modest 2 story duplex has us so excited to get in the investment process! Two 2 bedroom identical units with large dining and living rooms. Rented with long term tennants, but with under market rent.
What made you interested in investing in this type of deal?
We were interested in purchasing a duplex so we can house hack our way into real estate investing. This property only needs cosmetic rehab and a few utility updates in the future.
How did you find this deal and how did you negotiate it?
We found this deal on the MLS. It was listed for one weekend. We had a mini home inspection during the showing so we could waive inspections in our offer, which is practically required in our market. Our wonderful agent determined the seller was emotionally adverse to removing tennants prior to closing, so we leveraged that knowledge!
How did you finance this deal?
Conventional, 30 year, fixed. 15% down
How did you add value to the deal?
We will be house hacking, so the rehab will be done by us! We have a family member who is an experienced contractor who can provide guidance.
Lessons learned? Challenges?
Make sure your bank provides cashier checks and have your funds available well in advance!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Our agent, Brittany Kuschel, guided us through this first investment purchase. Brittany is truly professional and insightful. Her negotiations, guidance, insight, and determination closed this deal. It honestly felt like we were just along for a stress free ride! Thank you Brittany!
Most Popular Reply
Congratulations on the deal @Jillian Peterson! Looks like a really nice place, bonus points for house hacking! Do you plan to purchase additional deals in this manner in the future, renting out your unit as you move out?