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.
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.
[…] This is part 2 of my original post in June about the duplex deal I had under contract. Read the original story here first! […]
[…] in July of 2017, I did inch closer after I acquired a duplex (read more about the deal here Part 1 & Part 2). and after finding a tenant to live on one side of the duplex and myself and a […]
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