Duplex Buy and Hold House Hack
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $360,000
We bought this stacked duplex, lived in one unit for 2 years and moved on. Didn't really put much into it besides painting the units and replacing things as they broke over the years. It is now fully rented.
What made you interested in investing in this type of deal?
Honestly we wanted to rent out our other unit in our other duplex and we loved the area. It is right near the hospital and now Mass Gen bought out Wentworth Douglass Hospital so our units are in high demand. Great area, nice units, higher rents.
How did you find this deal and how did you negotiate it?
Traditional MLS
How did you finance this deal?
Hard money then refi residential 30 yr
How did you add value to the deal?
holding it. It's probably worth 625k now
What was the outcome?
Timing is everything. We have a lot of equity here now.
Lessons learned? Challenges?
Don't take over rented systems from previous owners. Buy them out. We have a rented hot water heater that burst and flooded the finished basement. We should have bought it out and replaced it. Not worth the up front savings.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a realtor