Hello BP family,
Today my wife and I closed on our first Duplex. I have experience in mobile homes and lots, but this is our first stick-built multifamily. We found this deal from a motivated seller online who was going into foreclosure. We helped him avoid foreclosure, and got a great deal in the process. Win-Win! The house has some deferred maintenance issues that we plan to fix in the coming months. We also plan on raising rents once we have the trust from our tenants that we're improving the duplex and making their home better.
I just wanted to express my excitement with everyone here. You guys are great and always so supportive and helpful.
I'm working on an introduction letter, and getting the leases ready for the 2 tenants we just inherited. I'm sure there will be plenty of ups and downs, but we plan on learning and improving the whole time.
Great job! How do the numbers look?
@Gabe Zader CONGRATS!!! After you get this puppy stabilized, what's your next purchase?
The numbers look pretty good, as it sits now, but we're planning on putting about $10k into it this year and in doing so, raising the rents accordingly. This will give us an even better return.
Our long term goal is to purchase a mobile home park and self storage facility. We will be leveraging out SFR and MFR into that future property. So we're continuing to look for good deals to get us closer to that end goal.
Good Choice - Less Tenants, Toilets, and Trash.....
Reach out when you're ready to make that transition Gabe, we can help with that.
Thank you, @Scott Meyers . I will definitely do that. Cheers!
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