Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $363,000
Cash invested: $50,000
Sale price: $395,000
I owned a duplex for about 3 years before I sold it and moved to Los Angeles.
https://www.redfin.com/DC/Washington/2429-Irving-St-SE-20020/home/10160511?600390594=copy_variant&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=copy_link
What made you interested in investing in this type of deal?
It was my first duplex and I knew that I wanted to purchase rental property. I used my VA loan with this one and the necessary repairs were made to make this property move in ready for me.
How did you find this deal and how did you negotiate it?
I used Veteran United Home Loans for financing and they assisted with finding me a realtor who worked with US Veterans.
How did you finance this deal?
I used my VA loan to finance this deal.
How did you add value to the deal?
There were a couple of things that I required in the units in order to move forward with this deal. One example for sure was that there were no exhausts over either of the stoves in the units and that was a big thing for me because I cook food on a daily basis.
What was the outcome?
The seller wasn't in agreement with fixing those things. Va stepped in and the things that I requested for fixing were done and VA actually took $39k of the asking price of the building which was a win for me.
Lessons learned? Challenges?
The lesson that I learned was never to fall in love with the property and to let property managers do their job because that’s what they’re hired for.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I still have a contact for any veterans who wish to use their VA loans to purchase their properties. I also have contact information for a lender who promises to beat VA in the loan process. So if anyone's interested in either contact please feel free to reach and I will get that information for you.
