Back in 2016 we bought a duplex in Vancouver, WA. We went in on the purchase of this investment with my parents, and my brother and his wife. We started making a video of the process, but it was difficult to do because this property was already rented out on both sides and we didn’t want to invade anyones privacy.
This home is not the most beautiful, and it needs a lot of updating. We plan to make exterior improvements (I’m thinking some shutters, fresh door color, and removal of the awning would be a great start) as well as many interior improvements (The washing machine and dryer are in the kitchen so those need to be enclosed, replace carpet on lower levels with laminate, and fresh paint -goodbye cream!- would be the first items on our list) when the time comes for our renters to relocate. But we like our current residents, so there is no rush!
Both units are 2 bedroom, 1.5 bath, and they both have their own fenced in backyard. One of the best parts about this property, is that it’s on half an acre! This property has the potential to put another duplex or triplex on it. We have never built a house, and to be quite honest, it feels very daunting to me. But that said, I like having options and this was a big part of the decision making process to buy this home.
We bought it for $295,000 – we put 25% down, and we cashflow around $700 a month. All the funds each month go into a business account and is being saved for our future improvements.