Our first Mult-Unit property!
I couldn't have more excited this past summer. I have to say I am addicted to realtor.com and zillow like some people are addicted to Facebook. I had been watching some properties, as usual, when a pair of duplexes went down in price. I grabbed my husband and we went out to see the property. It is 2 duplexes on one lot. All 1/1 units. One of which was occupied.
I called our realtor to find out more and called my parents to see if they would be interested in investing as a private lender. So here are how things worked out:
Purchase price: $18,000
Renovations: $7,000
Purchased in July '13, all units rented by November '13
Rental income: $1638/month
Parents invested $20k at 9% for 5 years
This purchase has certainly helped propel us on our way to paying off consumer debt and reaching other real estate goals. I can't wait to do another one! Any takers?