Small multi-family (2-4 units) buy & hold investment.
Purchase price: $68,000
Cash invested: $30,000
Found this 4/4 duplex off market in a "path of progress" neighborhood. Put in new kitchens and baths (Home Depot off-the-shelf level) and the rest was mostly cosmetic work and some new windows. Ripped up layers of carpet to find decades old newspaper covering pine floors which were decent enough to lightly sand and stain. Used LifeProof flooring in kitchen and baths, and upon tenant turnover, will probably install LVP in the bedrooms.
How did you find this deal and how did you negotiate it?
Found through a new, young agent who was savvy and wanted to build his client base. The property was shared in-office, and he called me right away. I actually got it under contract while riding on a bus in the middle of Poland!
How did you finance this deal?
Commercial rehab loan with a local small bank. They lend 80% LTV based on the ARV.
How did you add value to the deal?
Oops....this was supposed to be just an added property under "Investments" in my profile. Not sure how I ended up posting it in the forum. This project was over a year ago, but anyway, here it is!
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