Small multi unit that started as a house hack

[Tiffany Sipes]

Investment Info:

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

Purchase price: $136,500

A two unit duplex that I house hacked for the first few years. One of the units has been rented successfully the entire duration of ownership. The other unit is currently under construction.

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

The opportunity to house hack. This was my first property, so having one roof and two doors made the most sense for me at the time to lessen risk and aid in a quicker pay down of the loan.

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

The MLS using a relator

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Forced appreciation via renovation. Also, it’s a well sought after location with great schools so it’s appreciating quicker because of growth in the area.

What was the outcome?

Still a work in progress in one unit, but the other unit has had a very reliable tenant since purchasing the property.

Lessons learned? Challenges?

Finding contractors is difficult and DIY renovations take much longer than anticipated.