Duplex Acquisition, Currently house Hacking
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Radcliff.
Purchase price: $103,000
Cash invested: $16,600
Sale price: $103
Cashflow per month will be $1700 a month.
Note payment for both units is $900 per month.
unit A is on a 15 year term and unit B is on a 10 year term.
I could Refi and put both units on one deed, but i like the sound of "paid off in 10 years".
What made you interested in investing in this type of deal?
House Hack opportunity.
How did you find this deal and how did you negotiate it?
Mls for the first unit, and tracked the owner down through facebook and a mutual friend with many failed attempts.
How did you finance this deal?
Local bank. Owner occupant 10% down on the 50k unit and 20% down 10 year on the 2nd unit.
How did you add value to the deal?
Remodeled the whole unit and raised rent 90% increase.
What was the outcome?
It is working beautifully at the moment. A lot of maintenance issues, but we are gradually working through without spending a ton of money.
Lessons learned? Challenges?
Just commit and go do it. Keep chopping away and it will eventually get there.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Realtor and Auctioneer
