2nd Duplex, Wyatt street side by side
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $360,000
Cash invested: $45,000
Side by side duplex built in 1959. Brick pier and beam structure. On unit larger than the other. Both 2/1 layout with a detached 2 car garage as well as a 2 car carport. Lots of work to be done on this. Need to move tenant from the big unit to the smaller one. Then renovate larger unit 1240 sqft and make it at least a 2/2. Shooting to make it a 3/2 before I finish my 12 month stay for finance reasons.
What made you interested in investing in this type of deal?
Wanting to expand upon and replicate the success of the first duplex. I went with the same generation structure as the last one.
How did you find this deal and how did you negotiate it?
MLS, normal process through realtor. Retail price, but the market was crazy hot, so was fortunate to close it.
How did you finance this deal?
Conventional loan. 25% personal home loan. Opted to pay more down to make payment lower.
How did you add value to the deal?
Currently working on updating electrical, HVAC for both units. Larger unit will get a near complete overhaul. Will add additional bathroom for sure. Potentially a 3rd bedroom.
What was the outcome?
In the process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lucia Rushton, very professional.
