Leased Duplex purchased at 22% cap rate.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $60,000
Cash invested: $60,000
Leased duplex purchased at 22% cap rate with value add opportunity.
What made you interested in investing in this type of deal?
I get my money back in a little over 4 years. Everything after that is profit... for life.
How did you find this deal and how did you negotiate it?
A friend of the seller knew me and referred the seller to me.
How did you finance this deal?
The old fashioned way.
How did you add value to the deal?
Having cash available to invest.
What was the outcome?
Im getting paid.
Lessons learned? Challenges?
Relatively new to landlording so it forced me to grease the wheels on that side of my business. Now we're up and running and have purchased 4 new rental units in the last month.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Realtor is Victoria Melhorn (also my wife). She's a beast in the Knoxville metro area.
