Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $475,000
We purchased our first investment property in 2022. It's a duplex 3bd-2ba & 1bd-1ba. We lived in the 1 bedroom while we did some small renovations in the bigger unit. We then rented out the big unit and only paid $300 to our mortgage. We then did some renovations in the unit we were living in. We moved out in July 2024 and is now cash flowing $700/month with both units rented!
What made you interested in investing in this type of deal?
The ability to house hack with a separate living space
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
FHA Loan. Financed the rehab with zero percent interest credit card
How did you add value to the deal?
Renovated the kitchens, new appliances, new counter tops. Updated the bathrooms, fresh paint and updated light fixtures.
What was the outcome?
Rents for a great rate and now cash flowing $700/ month total
Lessons learned? Challenges?
Living in a unit while doing renovations and preparing for our first baby was very stressful! But we did it.
