Investor Spotlight: Mick & Ally's Uptown Duplex
Ally & Mickeli purchased this uptown duplex right before the market began to run in the lakes area. We suggested a multi-unit property as they have a very keen investment focus. Mickeli and Ally serve as a striking example to the benefits of investment property prior to single family, as they are now receiving steady passive income via sharing their home, which will ease the financial burdens of home ownership.
Mickeli called me in the spring to thank me for the duplex:
"Thank you Steve for bringing to our attention the only source in our investment portfolio that produces real & impactful growth, our Uptown Duplex. Being a previous “baby” to real estate investing, the experience has been virtually effortless. This property has allowed me to offset my income through improvement purchases, dropped our living expenses to near nothing, as well as provided us an income generating vehicle asset category which benefits several of our interested endeavors. Do me a favor and keep your radar up in the Kingfield and East Harriet, we may be looking to purchase another duplex in early 2013."
The management of their duplex was made easier by the usage of the Rare Form contractor network, as they where able to restore the upper level hardwoods making the unit more attractive for uptown tenants:
"When we originally purchased the property, we knew the first action item was to rip up the carpet and install hardwood. Much to our surprise, beautiful/worn hardwood was beneath the carpet we removed. Alli and I had no experience re-finishing hardwood so we called Steve. As with every following repair/re-touch, he 'had a guy.' That guy did an amazing job and was the first thing potential renters commented on when the property was available. It’s nice, especially being new to real estate investing; to have a realtor you can call if you need a contractor/electrician/etc. Steve not only has those types of contacts on hand, but they are folks that he trusts. The Rare Form’s network is one of the key differentiators to his competition."