Updated about 3 years ago on . Most recent reply
We started 4 Point Real Estate and purchased our first duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $60,000
Cash invested: $17,000
A duplex which has 3 bedrooms and 2 baths.
What made you interested in investing in this type of deal?
This being our 1st ever purchase of a duplex, we didn't know what to expect. We know we needed a property that was a duplex or higher so that we didn’t need to worry about coming out of pocket incase the tenant decided to move. The mortgage was super cheap and the rents we were going to collect was pretty much triple the amount of the mortgage and taxes etc.
How did you find this deal and how did you negotiate it?
I was searching through zillow and found many duplexes that was cheap in price. I found this particular one and contacted the agent on the website. We went through the process of having a virtual walk through and also an inspection.
Due to the many things that needed to be fixed, we arranged that the price be lowered by 8k as well as find a tenant to agree to a 1 year lease. After those things were done, we signed the papers and boom! First time rental property owners
How did you finance this deal?
We went through a regular 30 yr conventional loan. We each put up about $3100 each for the down payment and closing costs.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Rochelle from Berkshire and Casey that was our lender.