Getting started with my first duplex!

[Daniel Segarra]

Investment Info:

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

Purchase price: $365,000
Cash invested: $20,000

2 bedroom, 1 bath Duplex located right on route 140 by the Franklin Train Station.

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

This was a BiggerPockets inspiration!

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

I found this on MLS, and I used the inspection as leverage to reduce the price a few thousand dollars.

How did you finance this deal?

I took advantage of the first home buyer benefits putting only 3.5% down and took out an FHA loan

How did you add value to the deal?

Ultimately I needed a place to live and I was sick of paying rent. It was something I could afford and with a tenant in place, I would be paying less than I would if I was renting AND I am building equity.

What was the outcome?

I love this property, the location is fantastic and so far I haven't had any major unpredicted issues.

Lessons learned? Challenges?

The inspection taught me a lot about what to look for. This is an older property and I liked the idea of sweat equity. I've learned more about the buying process and renovations. My biggest challenge is jacking up the house and replacing all of the basement framework.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

All of the individuals I worked with I highly recommend.
Real Estate Agent: Steven Linnell at Cali Realty Group
Broker: Michael Dunsky at Fairway Independent Mortgage