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___________________________________________________________________________ My Duplex Is A MESS (Tenant Damage) Today I take you vlog-style through one of my best investments I have made in Real Estate: My duplex that I bought for $375,000 a little over a year ago! It has gone through a few smaller renovations, and the biggest one is about to begin! I just had a tenant move out after being there for 2 years. Natural wear & tear from them, but the previous tenant had left some pretty substantial damage which the previous owner did the bare minimum to fix/cover up. So today, I get to start the same renovation + a few extra things as I did to the other side of the duplex, which allowed me to bump rents by $300 PER MONTH, giving me a 40% cash on cash return from the renovation costs alone. This helps increase the rental property cash flow, but also the value of the property because now it produces more income and has a better cap rate. My rental property mortgage on this duplex is a standard 30 year fixed, with the mortgage coming out to $1,516 while the gross rents hit $3,000/m after this second renovation. this provides me with a great return on my investment, with the cash flow completely paying for all the debt on the property, management, maintenance, taxes, insurance and even providing me with additional cashflow of over $500 PER UNIT. That cash flow just saved for future renovations on more properties, or will be used to continue investing into residential rental real estate! I have no plans on selling this duplex any time soon, but it's been a great learning experience to get to be involved in 3 different renovations and getting to see how the specific price can speed up or slow down the acquisition of another tenant. So if you are looking to get started investing in real estate, buy your first rental property or get cash flow through a passive income real estate investment, definitely watch this video to see how I have been doing it with my first duplex! It has been going amazingly well! Drop a LIKE if you enjoyed the video!
*Disclaimer* I am not in any way a certified financial advisor, nor do I pretend to be one. Any information or advice I give you on any social media platform is simply my opinion based my own own experience and research. There is no guarantee on anything due to the fact that there are many variables in your success.
My Duplex Is A MESS (Tenant Damage)