Small multi-family (2-4 units) buy & hold investment.
Purchase price: $600,000
Cash invested: $150,000
Fixer Upper Duplex in the "Wrigley area". Purchased for 600K. Did a complete remodel and appraised for 750K 90 days later.
I see Long Beach as the next "Santa Monica" of Los Angeles. Great upside for appreciation.
What made you interested in investing in this type of deal?
Great purchase price @ 600K. I was confident I could remodel the property and raise rents to market value. Took overall rents from 1200 to 4400 monthly.
How did you find this deal and how did you negotiate it?
Patience and persistence.
How did you finance this deal?
How did you add value to the deal?
Complete remodel of property.
Looks like an awesome deal and I agree 100% about long beach! Did you get units delivered vacant at COE?
1 unit was vacant. The other occupied.
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