Small multi-family (2 units side by side) buy & hold investment.
Purchase price: $307,000
Cash invested: $23,000
This is a beautiful two bedroom one bathroom south Minneapolis Duplex. That's really clean and very well kept. Close to downtown Minneapolis and about eight minutes away form the lake on your bicycle. All appliances are updated with beautiful stainless steel finish. Two car private parking plus an attached garage :)
What made you interested in investing in this type of deal?
Ownership! Another way to Save more money in the long run; But what really made me interested was the potential income if and when we rented the other half. Which will end up freeing up some cash from our income :)
How did you find this deal and how did you negotiate it?
Walked into it. Girlfriend and I had met and wanted to move in together. While she was looking...She found this place on craigslist. While I was at work she stopped in for the open house. She liked it and thought I might too. She called and suggest we make an offer to rent. I said sure let do it!...Couple months later we are moving in...after a year or so. The owner saw that we kept the land and building clean and up to date.... the rest is history...
How did you finance this deal?
How did you add value to the deal?
Negotiating/ and doing everything ourselves.
What was the outcome?
We got approved and now it's ours January.7th.2019... Planning for the next property.
Lessons learned? Challenges?
Save more money for cash down. Focus on credit...if planning to bank finance . Keep expenses in check!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked with a loan officer and she was very helpful.
Congrats on the house hack! I am looking to do the same thing in the near future.
@Tim McCarthy Nicely done! I like the unique way you found the deal and got into it as a renter. Great way to get into the market!
@Bryon Andrew... Thanks Bryon. Continue to keep the focus and Budget Hard!! Even if everybody and their mom have something to say about how cheap you are. Thanks for the congrats. We got pretty lucky but our efforts of having the require credit and cash when needed paid off. Best of Luck to you in the near future.
@Armin Nazarinia... Thanks Armin! If we hadn't kept our focus we would of lost sight of our opportunity when it was time. Glad we did.
Hello Biggerpockets members,
I Timothy have finially returned. We are still moving forward strong with our newly purchased property. We are finally ready to rent our unit next door. We did create a rental agreement but feel that it needs to be better. We are planning to upgrade our landlord resources on Biggerpockets.com. Does anyone have or know if any coupons we could use to get a better deal?
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