Lessons learned from my 1st & 2nd Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $105,000
Cash invested: $39,000
I own two 2/1 Duplexes. These are older properties that were poorly maintained. However, the cashflow made these properties appealing to me.
What made you interested in investing in this type of deal?
I started using BRRRR, however I wanted to enter the small multifamily property market, because it spreads out my risk of vacancy. My first rental was such a headache with a vacancy and with a duplex, I can still generate some
How did you find this deal and how did you negotiate it?
Via online and used an agent to help negotiate it down.
How did you finance this deal?
Regular conventional loan.
Lessons learned? Challenges?
Due to it being an older property, I had to learn to account for more maintenance and capital expenses. Currently in the process of replacing stuff (water heaters etc), because they are old. Learned that I should fix do these updates at the beginning as well. I thought I would be able to get more life out it at the beginning. I also learned that if I buy in the fall/winter, expect vacancy until it is over, as no one really wants to move during that time.