Small multi-family (2-4 units) buy & hold investment.
Purchase price: $338,000
Cash invested: $25,000
Well cared for Duplex! 5bd 2 ba and 4 bd 1 ba.
As of 2019-07-17 rented for $2,025 and $1,620
What made you interested in investing in this type of deal?
My college buddy and I were renting. We decided to save on rent by buying a duplex. Once we got into it we did some additions and rented out our extra room and the other side. We start getting paid to live there.
How did you find this deal and how did you negotiate it?
We found it on the MLS and negotiated the sales price down.
How did you finance this deal?
We used a 30 year fixed rate mortgage
How did you add value to the deal?
We added a wall to the finished attic which added another room.
What was the outcome?
We lived for free then moved out and beat the 1% rule. Jump started our real estate investing career.
Lessons learned? Challenges?
Lots of lessons learned here.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, we worked with an agent and a lender. I am now an agent myself so I would recommend myself. We used Chase as a lender.
That is amazing! Looking forward to buying a duplex in the campus area to house hack as well.
How's the market value doing now?
This is an awesome deal and story Remington. Is this a buy and hold for you? Renting near a university will always have interest but not too sure about the turnover. How has that been going?
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