I got my first property (duplex) at 26!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Ypsilanti.
Purchase price: $218,000
Cash invested: $50,000
This is my first property and I bought it with my husband. We are living in the lower 3 bedroom 1 bathroom unit. The upper unit 2 bedroom 1 bath is currently occupied with a lovely couple paying $1,000 month rent which is nicely paying off our mortgage.
What made you interested in investing in this type of deal?
Bigger Pockets podcasts inspired me.
How did you find this deal and how did you negotiate it?
I found the duplex on Zillow and my husband, agent and I negotiated it. It was advertised for $225k and we offered $215k. They went with a $218k offer whose financing fell through and the seller came to us asking if we would take the deal at $218k. We agreed subject to inspection and them removing the lower unit tenants so we could live there.
How did you finance this deal?
Broker Morris Hall from Maxim Properties LLC
How did you add value to the deal?
Rehab
Lessons learned? Challenges?
Can't wait to do this again!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would highly recommend my amazing agent Alec Applebaum. For exceptional service go to him.
Similarly, our lender Morris Hall was incredible with opening doors for us and accepting university stipends. You can also expect exceptional service with him.
