Owner Occupied Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Boise.
Purchase price: $295,000
Cash invested: $17,000
Purchased my rental property directly from my landlord. It is a 2/1 up-down duplex with shared backyard and single car garages for both units.
What made you interested in investing in this type of deal?
It was an opportunity to get into the market with zero market competition since I was working with the owner off market.
How did you finance this deal?
This was a first time home buyer FHA loan with 3.5% down, the seller gave $5,000 toward closing costs.
How did you add value to the deal?
The seller was able to sell the duplex at full market value with no realtor fees or inspection contingencies. If something major would have come out of the inspection and she would not have budged I would have walked from the deal but it was a clean inspection.
What was the outcome?
Both seller and buyer are happy with the purchase. I am now in the process of refinancing to drop the PMI, obtain a conventional loan at the same rate as the FHA loan, and re start the process on a SFH house hack.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was my own real estate agent and drew up all the documents for both the seller and buyer.
@Jordyn Moreno Awesome job, Congrats! I'm curious, how much does each half rent for?
currently the unit is renting for $1,100 plus electricity. I cover water/ sewer/ trash. The upper unit I am in will easily rent for $1,200 when I find my next house hack.
