Black / Rath Real Estate Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $285,000
Cash invested: $5,000
A duplex unit with 1,300 sq ft per unit. We plan to live in one side and rent the other for $1800. Mortgage payment estimate is $1650.
What made you interested in investing in this type of deal?
The opportunity to have our monthly rent that we have been paying go toward a purchase, and then to have the bonus of rental income seemed like a good plan.
How did you find this deal and how did you negotiate it?
Just saw the listing on Redfin and made the offer.
How did you finance this deal?
30 year fixed and a covenant loan for 2nd.
How did you add value to the deal?
Cosmetic improvements and new appliances.
What was the outcome?
TBD - sale is pending inspection.
Lessons learned? Challenges?
TBD
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes.
Tami Greene, CMG Mortgage
Mary Neimeyer, Windemere Real Estate
Brian Lowry, Windemere Real Estate