First Investment - Side by Side Duplex - House Hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Minneapolis.
I bought my first property, a side-by-side duplex in Minneapolis, at the end of 2019. Both units are 3 bed, 2 bath with some updates. The tenant occupied unit was turnkey while the vacant unit needed some renovations. I moved into the vacant unit to create some value add. I have several projects completed and several more planned to complete by the end of 2020.
What made you interested in investing in this type of deal?
Owner occupying a duplex has significantly reduced my cost of living. Between the rent from the other unit and my roommate, I am only paying about $600/mo between the mortgage and utilities.
How did you finance this deal?
FHA loan
How did you add value to the deal?
I am doing all the update work myself. The goal is to force appreciation, take out a HELOC , and invest in another multifamily property.
Completed: Refinish wood floors, replace light fixtures and switches, updated bathroom hardware and new kitchen sink w/ hardware.
Planned: Basement bathroom remodel, replace windows, and kitchen remodel
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Scott and Drew Hoefler at Side by Side Realty and Kim Burke at LeaderOne