Dynamic duplex duo: What happens when things don’t go according to plan

After all, they reasoned, their experience as first-time landlords had been positive and they had accumulated a nice nest egg from saving their tenant’s rent instead of putting it toward their mortgage. Jessica soon started to casually look for another duplex to buy.

“When we shop for a property, the most important thing we look for is ‘good bones’ because Steve is really handy and we know we can make cosmetic changes, as well as some larger improvements,” offers Jessica.

In early 2024, the couple lucked out once again when their real estate agent found a duplex that wasn’t listed on the market – similar to their first duplex-shopping experience. This duplex had 2 bedrooms and 1 bath and needed kitchen updates. The appraisal came in slightly under the asking price.

“We offered just under the appraisal value and asked for a home inspection contingency, which was sort of rare because a lot of buyers are forgoing them due to competition and the lack of inventory,” explains Jessica. “It was good that we did because the inspection came back with some roof issues,” says Jessica. “We were able to negotiate $3,000 off the sale price.”

“While we had to change the timing of our initial plan, it’s very nice now to own the 2 duplexes and our home,” shares Jessica. “We have financial security knowing we can always sell one of the duplexes if something happens and we need extra cash. And in the meantime, we are making a decent profit on all 4 of our rental units and building generational wealth.”

Update: The couple’s baby boy made an unexpected, early arrival in November. It seems their son shares his parents’ trait for getting things done early. The couple and their healthy baby are living happily in their new single-family home.