1st investment Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $500,000
Cash invested: $25,000
My 1st duplex gonna buy, reno loan, hopefully raise rent and make a profit
What made you interested in investing in this type of deal?
My why..... I adopted my grandbaby 15 months old, I gotta make a future for us. Buying this property and allowing me to collect rent on current home after I move in to new home, I will be a landlord of 2 properties helping me with 2 mortgages. Which will be way less out of pocket then only having 1 mortgage. Now I'm reading all the books and want even more.
How did you find this deal and how did you negotiate it?
I researched and put together a good team, got a contractor, lender, agent and researched and researched. It was 545k my agent and I negotiated seller to 500k with seller concessions, and got a lender to do a reno loan.
How did you finance this deal?
Reno loan
How did you add value to the deal?
I brought vetted referrals to each team member.
What was the outcome?
Im under contract
Lessons learned? Challenges?
I thought I had everything covered but there is always little things that keep coming up. I wish I could do a Brrrr, but its on the way.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent, lender and contractor