First duplex from 2015, House hackish

[Kyle Hey]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Mechanicsburg.

Purchase price: $149,000
Cash invested: $42,000

Duplex that I lived in for several years. This provided me an opportunity to learn "landlording" and to save money.

What made you interested in investing in this type of deal?

We needed a place to live and we wanted to try multi-family investing.

How did you find this deal and how did you negotiate it?

We used a RE agent and were able to negotiate the closing costs into the mortgage.

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

All work was done by myself and my father.

We leveled the floor on the first level (both sides) by removing damaged floors in both kitchens and building a new, level floor that met the same height of a new, level floor we built on top of the remaining floor in the dining and living rooms.

We converted a laundry closet into a half bath and built a stacked laundry closet (both sides).

Built a divided fence in the back yard and removed some trees.

Replaced sagging supports in the basement.

What was the outcome?

Great, cash flowing rental in a great area that has seen growth.
Lots of equity.

Lessons learned? Challenges?

I should have "rinsed and repeated" this effort.