Small multi-family (2-4 units) buy & hold investment.
Purchase price: $205,000
Cash invested: $40,000
This property is a BRRR . We are buying a single unit and convert into a fourplex to hold. After we are done we will have a 3/2, 1/1, 2/2 and 2/2 units. We are adding 1700 sqf to the property. The construction time is 6 month.
What made you interested in investing in this type of deal?
We are able to purchase a single family home and convert it into a fourplex thanks to a zoning change .
How did you find this deal and how did you negotiate it?
We found the deal through REDFIN and we use our agent to negotiate the price.
How did you finance this deal?
We are financing 15 % with our own money and the rest with Hard Money.
How did you add value to the deal?
We adding value by adding sft and moving from one unit rental to a four units.
What was the outcome?
Still working on it
Thanks for posting . Wishing you much success.
Please continue to share the numbers. This actually makes very good sense. Now it has be thinking along these lines, just want to continue to see where your rehab/construction costs are.
Any updates on your progress? What were your construction cost if you dont mind sharing? Im interested in doing this as well on a property thats zoned R3.
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