Our first duplex in Seattle!
Pretty stoked over here. Three weeks ago, we closed on the sale of our first flip (in which we sold over $100k over the acquisition price), and we just won a bid for our first duplex two days ago. It will be a quick, 2-week close, all cash offer. We actually beat a higher priced offer due to our clean bid through the MLS. A few things we cannot believe: 1) That we are acquiring a duplex in Seattle proper for $220k. That is unreal. 2) The land it sits on - it is surrounded on three sides by small apartment complexes. The land is a decent size. Perhaps after building up equity over 10 years or more, we could build our own small apartment there?
A few important notes on this deal:
*It takes diligence to keep an eye out for what's coming up on the market. My husband @Bruce Mar sources our properties, and has several list serves that send him data daily. We look at several properties a week.
*One has to be able to move quickly. This came up on the market on Thursday. I was there by 3 pm with my 3 kids in tow to take a peek (I have my RE license, so I can have on-the-spot access when I need it). I immediately called the broker and told her we'd be writing up the offer.
*Only one of the units was vacant, so we haven't seen the bottom unit yet - one has to be open to imagining the possibilities that exist, sight unseen.
We're on our way to our 100 unit goal......