In 2018, we took a big leap forward in our real estate journey by buying our first duplex — a two-unit property just minutes from Camp Lejeune in Jacksonville, NC. This deal pushed us out of our comfort zone and into the world of multifamily, where one mortgage supports two rent rolls.
The Acquisition
We bought the property for $72,000 through a wholesaler. On paper, it looked like a solid deal — appraised at $82,000, so we were walking in with $10K in equity. But once we were under contract, I discovered something no one else had caught: one tenant hadn’t paid rent in six months. The wholesaler didn’t know, the property manager didn’t know, and even the owners didn’t know.
That discovery forced us to make a tough decision. We decided to move forward, but only if we could do cash for keys. We told the tenants: if you’re out by the day before closing, we’ll give you cash the day you’re out of your house. If not, we were willing to walk away from the deal. They moved out, and we closed on the duplex. It was the first time we ever used cash for keys — and it wouldn’t be the last.
The Early Days
The property needed some love. Our renovation plan included new siding, new carpets, and new paint. During the project we went over budget because we didn’t lock the contractor into a firm bid — a mistake we wouldn’t repeat again. Within a few months, we increased rents, found paying tenants, and enjoyed our cash flow.
But the biggest transformation wasn’t the building — it was us.
This was the first property Avery managed herself. She handled the budget, oversaw contractors, and built the management systems that eventually became the foundation of Cedar Ridge Management.
Growth Over Time
In 2022, during a turnover, we invested $15,000 into renovating one side, which let us raise rent by $300/month — a 24% ROI on that project alone.
Then, in 2024, we refinanced. We pulled out $100,000 in cash while still keeping the property cash flow positive (about $2,800/year after expenses and debt service) and the loan-to-value under 60%. That refinance gave us the down payment for our next 9th property and turned this duplex into an infinite return deal.
Lessons Learned
Cash for keys works. Sometimes the fastest way to turn around a deal is to pay problem tenants to leave.
Good tenants make you money. Replace problem ones quickly.
Contractor bids need signatures. Don’t do “estimates”. Get signatures on set pricing. And always budget 20% more than the estimate.
Targeted renovations pay off. $15K in upgrades led to $3,600 more annual cash flow.
Refinances unlock growth. $100K came back to us while keeping positive cash flow.
Time in the market matters. We didn’t chase timing. We bought right, managed well, and held long enough for the deal to compound.
In Summary
Deal #4 was big for us. It felt like our first off-market buy, was our first duplex, was our first cash-for-keys negotiation, and Avery’s first time managing. The systems she built here became the backbone of our company.
So, this duplex wasn’t just a property — it was a real confidence builder. We proved to ourselves that we could find off-market and profitable deals, gave us confidence, equity, and systems to build generational wealth. Looking back, this deal was a true home run, and it continues to fuel our journey toward financial freedom.
