Small multi-family (2-4 units) buy & hold investment in Jupiter.
Purchase price: $330,000
Cash invested: $45,000
4bed, 4bath duplex, with 2000sqft plus 600sqft of screened-in porches
What made you interested in investing in this type of deal?
Househacking opportunity with a 10%-down FHA loan, once we move out it should be cashflowing $1k+ per month at market rents.
How did you find this deal and how did you negotiate it?
MLS with my Real Estate License.
How did you finance this deal?
10%-down FHA loan
How did you add value to the deal?
New floors, added recessed lights, upgraded light switches and outlets, upgrade AC vents, re-paint throughout, planted fruit trees and bushes, replaced structural posts & re-screened one unit's back porch; added custom built closets & pantries.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represented myself (as my own referral agent) to the listing agent.
Congratulations! Sounds like a nice passive setup too. I am not an agent but I have heard of agents using their commission to as part of the price negotiations when its for themselves - did you work that into the deal at all? or did you keep the commission for cash in hand?
Thanks Nathan! I did not negotiate my commission into my deal on this one. Maybe in the future, but I’ll need to make sure my Broker still gets his fair share (current agreement is my Broker gets 10% pf my commission).
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