Updated almost 7 years ago on .
My first real estate purchase
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Springfield.
Purchase price: $218,000
Cash invested: $63,000
3 bed 2 bath Duplex with two 1200 sqft units. Upgraded shower with 2 shower heads and independent temperature controls.
What made you interested in investing in this type of deal?
It was my dream to live in a duplex and rent the other side since I was 18 years old.
How did you find this deal and how did you negotiate it?
Lived in it. Then asked the owner to sell and she said yes.
How did you finance this deal?
owner finance
How did you add value to the deal?
Full internal makeover from head to toe.
What was the outcome?
Added 2 new long term tenants and raised the rent by 21%
Lessons learned? Challenges?
When doing a private deal don't skip the inspection even if its not required. This mistake cost me about $3,000 in repairs.