SFH into Duplex

[Chad Clark]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $125,000
Cash invested: $120,000

First try at turning a single family home into a duplex while going through the permit process for the first time. I see why people hate permits. There are an extreme amount of silly codes out there that obviously have nothing to do with safety. Red tape at it's best making things expensive.

What made you interested in investing in this type of deal?

Finding anything in the middle of COVID wasn't easy, it was the best I could find. At least the numbers work.

How did you find this deal and how did you negotiate it?

Another investor.

How did you finance this deal?

Cash

How did you add value to the deal?

Turning a single into 2 units.

Lessons learned? Challenges?

Don't get into permits unless you know what you are doing. It's a mess with commercial properties. Stick to the cosmetics. I would have set aside much more if i knew what a pain that would be.

[Drew Sygit]

Question is, was it profitable to do all this?