Updated about 6 years ago on . Most recent reply
Duplex with tenants
Investment Info:
Small multi-family (2-4 units) buy & hold investment in El Paso.
Purchase price: $113,500
Cash invested: $34,000
Duplex in quiet neighborhood
What made you interested in investing in this type of deal?
property had renters living there prior to my purchase, it's nearby the house
How did you find this deal and how did you negotiate it?
Found this deal by driving around. There was a for sale sign in the front lawn. Negotiated the price based on the lender's appraisal of the property.
How did you finance this deal?
conventional loan
How did you add value to the deal?
updated the bathroom and kitchen in one duplex (the other unit looked great, as the tenant keeps updating her living space on her own), replaced 2 doors, replaced door knobs throughout the unit (interior and exterior), paint, patched small drywall areas, hired a cleaning service
What was the outcome?
higher rent payment on the updated side
Lessons learned? Challenges?
Do an inspection before purchase. Negotiate better with the seller.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
USAA is my lender, they are knowledgeable, fast, friendly and professional.