Buying A Duplex; Client Testimonial
I was recently sent this testimonial by a client of mine Carol Liege. Here is what she had to say:
In 2008, I wanted to build my retirement portfolio by flipping some houses, but thought I couldn’t afford it. Then one night I ran into Jason reed at a real estate meeting, and he took the time to sit down with me and discuss my finances. He showed me how I could get a mortgage, and referred me to a great mortgage broker. Both men were incredibly helpful and patient with me, teaching me everything I needed to know about buying and rehabbing a duplex in Northeast Minneapolis. Jason selected two duplexes he knew would make a good profit I could use to pay off rehab costs and invest in additional properties. He recommended workmen who had a track record for doing good work cheaply, and even advised me on exactly what repairs and renovations to make that would give me the best ROI on the properties.
I chose a duplex that he recommended that was a real wreck. No owner had lived in it for more than thirty years. The front yard was mud and the back was a field of 18′ dandelions. Three large trees were growing right into the foundation on the South side. The first floor was painted in dark green, dark red and magenta semi-gloss over cracked walls. The kitchens and bathrooms were antiques with tiles falling off the ceilings.
All the floors needed refinishing, electrical fixtures needed to be replaced and windows needed to be repaired. The plumbing need to be upgraded to code. The upper unit had a space heater and the appliances needed to be replaced.
On the positive side, the location was great-across from a big park, near great transportation routes in all directions, in an up and coming part of the city. “The New Uptown” they were calling it then. With a little imagination and Jason’s expert help, the final product was so great that I moved in instead of flipping it – and still happily live here!!
After rehab, I refinanced the duplex at $70,000 more than the original price and recouped all my rehab costs. I moved in the property and rented the second floor for the amount Jason suggested, using the ad he recommended. I’ve now rented it three times the same way, and found good tenants the first day each time. Their rent pays the mortgage.
If you’re considering working with him I couldn’t recommend it more highly. He knows his stuff, has great judgement and referrals, and is extremely pleasant and patient to work with.