All Forum Posts by: Joey C.

Hey all,

Pair of duplex properties, nice small town, rentals are hard to come by, properties need quite a bit of work, off market but owner said he would sell them for $90,000 as a pair. One unit is empty because it needs complete reno and others are rented well below market rent but they are bringing in a total of $1,200 a month as of now. Once renovated would bring in $2,100 total-conservatively, they are all at least 2 bedrooms... I am a contractor so the work Is not a problem. I already own two duplex properties so I know the game- just reconfirm my brain that this is too good of a deal to pass on right?! Only hang up could be funding them, DTI is high because I run my own construction business, the rentals, and just built my own house 3 years ago,Credit is above 800, have down payment though just not sure of the best route to take on it. Also banks will not want to fund them with the shape they are in i am guessing.

I agree, I think this may be the best way to go with interest rates where they are and they are cash flowing so well. Thanks for all the advice, it truly is appreciated.

I didn't think of that, great suggestion. Thank you!

Thanks for your thoughts, they are truly appreciated. I agree with everything you said, just makes me nervous giving up that steady cashflow every month to grow bigger. I know that is probably the smart thing to do to get bigger and grow, and like you said, my value is created when rehabbing these properties which come by growth. Thanks again!

Investment Info:

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

Purchase price: $45,000
Cash invested: $8,000

Bought a duplex $10000 below market value, renovated, raised rents and cash flows well now at $500 a month plus I get an added bonus of a 30x36 building I run my construction business out of in the back.

I have two duplex properties, both have roughly $60,000 each built in equity but cash flow well around $500 each, every month. I have made quite a few upgrades to them since buying them so that is one of the ways they have so much equity in them. I have a seller offering me another duplex for a purchase price of $80,000, rent would be roughly $500 for each unit on the low end so it would cash flow nicely as well. In your opinion, what is the best way to acquire the new property? Is it smarter to refinance one of the rental units and get some cash out or just keep saving for a down payment and finance the property on a loan. I am a little worried I might be getting close to my lenders DTI threshold and will not be able to meet that requirement. The prospective property will not need much work to be rent ready. My goal is to be a buy and hold investor to keep creating more passive income. I am also run my own construction company so renovating isn't an issue. I am hesitant on the new property because I am not used to spending that much, my other duplexes I purchased were $45,000 each but needed work which I did myself. I live in a small town and real estate in general is hard to come by at all, everything listed is over priced and many are SFH. I really have been looking into the BRRR method but maybe I role with this duplex for now and continue to save the cash flow to buy another. Or I even considered selling one of my rentals since the market is so crazy right now and getting the cash to invest in another, I am just not sure that is smart since it cash flows so well. Just looking for thoughts and advice in general. THANKS!

Investment Info:

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

Purchase price: $45,000
Cash invested: $10,000

Started as a house hack, turned into renting both units now