So in an effort to build my self-motivation to getting out of my current career and into a real estate career, I thought I would post the story of my first duplex.

At the time, I never owned a rental, but I managed two of my parents rentals. They purchased both while I was in college, I filled them, and didn't have and rents (i.e. room) for several years while in (and post-graduation) college.

I enjoyed not only the property management, but also the rehab involved (although it wasn't ideal 'flip' timeline). Fast forward a few years, I decided I needed to jump and take my own risk, specifically looking for a rental (cash flow).

Now this is 2010 and the area I was in, Florida, was in a bit of turmoil. It didn't seem reasonable to get involved there (though there are a few moves I wish I made) so I looked into other areas. I eventually chose Rochester, not only because it's a city with cheaper housing (relatively) but because I have family in the area. Trips would kill 2 birds with 1 stone.

So after about a few months of searching, I found a duplex I liked. Though it not the nicest area of the city, the property condition and cash flow seemed to work (and I didn't have to manage it myself). The current tenants were long standing and really seemed to keep the place up.

So came the financing. Well I didn't have the cash needed to buy it (I wasn't going to finance it, it would have been a small loan and I think the times probably wouldn't have allowed it). For years, I had received Credit Card checks, 0% until some time, then fixed after. I had worked hard to have no CC debt at the time, so I took the advantage of those 'checks' bought my first duplex on my credit card (no doubt everyone has an opinion on this).

When I first bought the property, they grossed $950/month. In the last 2 years, I've been able to increase that to $1050/month and currently have a tenant transition. I hope to increase that to $1075-$1125/month with the next tenant.

I've also been able to take advantage of the 0% until I found a HML (someone I know who was upset at the CD rates of the time). I offered them a nice rate, with 2 year minimum and 5 year balloon.

If nothing else, I thought it was a creative opportunity to get me started. I've since bought the duplex next door (which grosses $1325, and is my new target) and a SFR in Florida (my primary residence converted to rental). I am in the research phase a 4 family unit...the next 2 weeks will tell. Then who knows what the next deal will be, in my quest to get back to Florida.

Anyways, I hope this was a good outlet, and I hope it helps at least 1 more person take that first/next step.

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