#292: Unveiling the Numbers Behind a Duplex Rental in a Prime Neighborhood
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 29 May 2023
⏱️ 40 minutes
🧾️ Download transcript
Summary
Episode #292 - The detailed story & numbers of a duplex rental nestled in a prime location. Despite unexpected turns, the investor, Kelli, shares her fascinating journey of financing, repairing, leasing, and the final numbers that make this duplex property an A+ long-term investment.
📑 COMPANION ARTICLE/SHOW NOTES: https://www.coachcarson.com/primeneighborhood/
LINKS:
Coach Caron's Tenant Screening Criteria: https://www.coachcarson.com/how-screen-best-tenants/
🎬 AUDIO TIMESTAMPS:
0:00 - Intro
2:47 - Why Real estate is the perfect fit
5:28 - Stages of investment journey
7:01 - How this deal landed on their lap
12:40 - Duplex numbers
15:19 - Duplex hiccups and surprises
17:10 - Financing
18:50 - Renting it was an adrenaline rush
23:58 - Tenant screening process
28:28 - Does this cashflow?
34:33 - Key lessons and takeaways
______________________
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- Deal Machine - software to help you buy more real estate deals https://www.coachcarson.com/dealmachine
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https://coachcarson.com/creativefinancing
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | there was just a shortage of places and people scrambling and looking and people just want to be in that school district. So there really was a lot of interest. It was leased up by Friday. So it was under the week it was signed for. What a good feeling when you buy something. You're taking a big, I'm not going to say big risk, but you're putting a lot of money into this. You have, you know, payments coming pretty soon and to have that much interest right off the bat |
| 0:23.5 | is validating, I would imagine. Like the feeling to know that you got people coming out the door. |
| 0:27.9 | I've had a couple properties that way, too. They're just, everybody wants to live there. |
| 0:43.1 | Welcome to the podcast, Real Estate Investing with Coach Carson. I'm your host, Chad Carson. You can also call me coach. And this is a show to help you build a profitable and |
| 0:46.9 | passive rental property business so you can get out of the financial grind and do more of what |
| 0:51.1 | matters. Whether you're a long-time listener or a first-time listener, thank you for being back for another episode. The title of this episode is unveiling the numbers behind a duplex rental property in a prime neighborhood. This is a new interview in my series of deal deep dives. These are episodes where I go deep on the details and the numbers of a real deal. And this time I'm interviewing Kelly Jagman. She had her husband are relatively new investors. They live in the northern suburbs of Chicago, Illinois. In this episode, we talked about why she chose a particular neighborhood that I'm calling a prime neighborhood. It's a place that you might not always think about having rental properties. But it was in a location where a lot of people own their homes. It's walkable to a really nice downtown district. And she goes through how she picked that property, how she found it. So we were going the traditional route with a realtor. We had looked at maybe 10 places with her nearby. And then she said, all right, Kelly, I can tell what you're looking for. And I have a property I want to show you. And ultimately, how she bought it and what the numbers were. The inspector told us you could get like 1,600 to 1,800. But just knowing what the market was doing at that time, we were hoping to get 2,000 to even 2,200 because there's a really high demand. Whether you're a brand new investor or further along in your journey, I think you'll enjoy this perspective and this deep dive about how you pick a neighborhood and how you analyze and run the numbers on a property. Now let's go to the interview with Kelly. Hey, Kelly, welcome to the podcast. Thanks for having me. Yeah, great to have you on here. So this is kind of a series we have going here. One of my last deal deep dives. |
| 2:18.6 | That's what we're talking about today. |
| 2:19.7 | We'll go in detail about a deal. The last one we did was with another team member here at Coach Carson, was with Michael Wynn, and he does all the editing and podcasting. And so we thought we'd just kind of keep it in the family this time. and you are doing our graphic design here at Coach Carson, |
| 2:34.6 | which has been such an awesome part of our team. |
| 2:36.9 | And so if you see our thumbnails out there, you see some of our social media stuff, Kelly is helping us out with that. So thank you for that publicly, Kelly. Really appreciate you being part of the team. Yep, we're having a good time. Just to get a starter, we're going to jump into this deal that you've recently done with a duplex |
| 2:51.2 | but just to just to start so everybody gets to know a little bit more about you tell us your name |
| 2:55.5 | and I know your husband is involved in this in this investment venture as well and you know |
| 2:59.4 | there's a little more background about where you're from and and a little bit more about you |
| 3:02.7 | yeah so my name is kegman my husband is, well, my business partner. It was a couple |
| 3:09.3 | years ago, one, I used to work in the real estate office when I was in high school. So I've |
| 3:13.9 | kind of always been interested in seeing houses and helping market them. I would design the marketing |
| 3:18.8 | materials for it. Of course, I love watching HGTV. So just that interest in houses in general, I love looking at them. |
| 3:26.0 | And it was a couple of years ago, we kind of came to a head. |
| 3:30.0 | We are a single income household. |
| 3:32.0 | I stay home with two young kids. |
| 3:34.0 | And we kind of figured out that a nine to five was not going to be the route for me. |
| 3:39.0 | And we wanted to figure out what to kind of start heading towards in the future, thinking about the future. And I presented the |
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