Small multi-family (2-4 units) buy & hold investment in Gilmer.
Purchase price: $50,000
Cash invested: $3,000
One Duplex and one single family home
How did you find this deal and how did you negotiate it?
Found it through talking to my pest control guy at my home. I told him I was buying rental property and he new a gentleman that was having health problems and was trying to sell his rental portfolio. So I got his number and called him
How did you finance this deal?
Local bank. We were able to get the appraisal on the ARV and they financed 100% of the remodel and we only had to put down $3,000. We have all in about $135,000 on both properties.
How did you add value to the deal?
The Properties were in pretty bad shape so we renovated them to bring about better value and rents.
What was the outcome?
All 3 units are rented. Bringing in $2,200 a month. We did a cash out refinanced on the duplex. It appraised for $140,000 and we financed $119,000. Had about $65k in it. The other we might try and sell, haven’t decided yet.
Lessons learned? Challenges?
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