Pepto Duplex Purchase

We have officially closed on a duplex!! Check out the pictures of the “Pepto-Duplex”. I’ll give you one guess as to why we call it the “Pepto-Dulex”!  Overall the duplex is in pretty good shape only needing some minor roof patch and cosmetic updates (appliances in one unit, exterior paint, carpet in one unit, landscaping, and some interior paint).

Inspections went well.  They always find some things that need to be updated or repaired but overall nothing was a deal breaker.

I love with each investment property we close on we have lessons learned.  We have learned more on loan types over the course of this purchase including Frannie Mae requirements.  They require 25% down which hurts liquid assets but definitely helps cash flow.  We should have our down payment reimbursed after 2.5 years.  Buy and hold is definitely a long term investment unlike the glamorous house flipping!  Now to set the lock box, get the subs there and get this pink duplex rent ready!!

Stay tuned for rehab updates and information if you wish to rent one of the units!

-Britt



Tips: we use a lock box on our properties during renovations so the contractors can enter the jobsite without one of us being there to unlock the property every time.  We only give the code to those subs we have a relationship with and trust.  This is the lock box we use.