Fire & Laundromat Rehab

1 Reply

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $150,000
Cash invested: $50,000
Sale price: $270,000

Fixed minor fire/water damage in two units. Operated existing laundromat until I secured a buyer and long term lease for laundromat (only commercial space).

No work needed on 3rd residential unit.

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

Small mixed-use hard to find in area. Stable income from two units to help with carrying costs during rehab.

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

Craigslist.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Rehabbed 2 damaged units

What was the outcome?

Ended up with no equity in deal after refinancing 80% LTV

Lessons learned? Challenges?

Buy right

Congratulations on finding a unique property. I am also seeking a mixed-use property like this one. 

How well is it cash flowing now assuming that its fully stabilized?

 

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