Investing

Know Your Numbers and Get 25% Return On Your Investment

Know Your Numbers and Get 25% Return On Your Investment

We’ve been hard at work on our current project, converting a duplex into a tri-plex with our investment partner. We’ll also be celebrating a very big birthday this week; our daughter will be ONE so I have been busy party planning while Josh is tiling, setting toilets, hooking up sinks, you know all the glamorous things that go along with rehab projects.

Anyways, we figured we would talk about our second investment purchase today! Our first duplex (first blog post) was purchased in January of 2014. Once we got that updated and rented out we started looking for our second almost immediately. While out driving in the Independence area we came across a duplex for sale. The owner was the listing agent on this one so we gave her a call while in the car and arranged for a showing the following day.

First steps to financial freedom!

First steps to financial freedom!

Its interesting looking back at where you were and where you are now.  My wife and I started looking into investment properties back in August of 2014.  Really quickly let me give you a short history into our background and why we decided to even consider investment properties. My wife's Dad has about 10 units and my parents have about 4 residential units and one large commercial property.   I recall my dad taking me with him going over to a tenants house fixing miscellaneous issues - my Dad is a plumber and now owns a good size plumbing company so he's pretty handy because of that, much of that handy man skill and mindset was passed on to me as I grew up.    In short we knew you could make a living doing this, but we didn't know how it really worked  and we didn't really know what a good deal was.  

We looked and a lot of single family properties at the start but then quickly drifted into small multi families after we figured out how to run the numbers so to speak. We looked for awhile on our own and found a realtor based on a recommendation from a friend who also had some rentals. We kept looking... and looking...and looking... I'm actually surprised our realtor had the patience she had, I think we probably walked through 40 properties before we finally found one that just seemed to be the right fit for our first property.