- Rental Property Investor
- Votes |
First out of state purchase
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $102,000
Cash invested: $25,000
Exceptionally large side-by-side duplex with an extra large third floor/in-law suite. Be a homeowner and an investor at the same time. Great income producer. Fair market rent for the duplex is $650 to $750 a Current month to month tenant occupies one side of the duplex and pays $665 per month and would like to stay. Each side of the duplex has a living room, dining room, kitchen, sunroom, and a covered front porch on the first floor; 3 bedrooms and a bathroom on the second floor and separate basements with spaces for storage and washer and dryer hookups for all of your laundry needs. The third floor/in-law suite has a living room, 3 bedrooms, a kitchen and a bathroom. Quick and easy access to I90 and RTA. I am currently renovating two vacant units and have one active tenant. I am hopeful to have the second unit rented in the next month (February 2023) or so.
How did you finance this deal?
A conventional loan through Social Mortgage and I personally had saved funds for the 20% down payment.
How did you add value to the deal?
Currently performing renovations on the exterior and interior of the property.
What was the outcome?
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Erin Dorsey-Robinson (agent) who I luckily discovered on BiggerPockets. Erin was very helpful in ensuring all of my needs were met and held my hand through the entire process. She is one of the contributors to my succeeding in making my dream purchase a reality. Through her expertise, she recommended a lender by the name of Brian Lewis who at the time of this deal was a partner for Social Mortgage. I would highly recommend both individuals.