For over a year I’ve been looking at Duplexes and even single family properties in Fort Myers, Lehigh Acres, Cape Coral, & San Carlos park trying to find an investment property. I was looking for a deal where I could live in one side and rent out the other in the short term and long term ultimately move out and rent both sides. I’d had a few properties under contract and went through the inspection process, but each time something didn’t work out.
I began to get dejected and that is when I eventually settled on a piece of land where I knew the cost to build had surpassed the cost to buy an existing property. I had been working with a builder when the real estate agent I had been working with this entire time came to me with an off market deal. It was an older and smaller duplex, but it was in a better area and in the best condition of any of the properties I had been looking previously. So I went for it and have had the property under contract now for $185k and the property appraised for $190k.
The process has been interesting thus far and today June 26th is the day I was supposed to close. Well after a brief scare of termites – which turned out to be nothing and lots of issues with the lender & title company using slightly different addresses (careful with a duplex). The lender has finally signed off on the closing and we should be good to go for Thursday June 29th.
I’m excited and nervous to finally be closing and hopefully will have an update on how the rest of the process goes once I’m through the final stretch. I’ve learned a lot thus far and cannot wait to finally have an investment property that I can start building wealth through. Initially I won’t make any money, but my mortgage will be paid for and I’ll only have to cover taxes, insurance, & expenses while I live there.
There are some cosmetic value add opportunities through landscaping and a few other minor changes that can be made. I hope to use this to generate cash flow and if the market continues to rise take my appreciation and roll it into a bigger property, either through a refinance or full cash out. The numbers I did are based on a buy and hold strategy though so regardless of what the market does I will still generate income. Once the deal closes I’ll post the official numbers on the property.