Duplex in Frankfort, KY
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Frankfort.
Purchase price: $80,000
Cash invested: $80,000
Fully Occupied Duplex in Frankfort, KY.
What made you interested in investing in this type of deal?
Cash Flow opportunity and fully occupied - a long distance investors ideal situation. 1100 a month in gross rent collection (unit A - 500, unit b - 600). Not a lot of work to be done right away.
How did you find this deal and how did you negotiate it?
MLS property, used a realtor to negotiate.
How did you finance this deal?
Cash. Plan to Cash-out refi in 6-12 months after rental history is more established
How did you add value to the deal?
Able to close in 2 weeks with cash in hand. Property is mostly turn-key. Will need a new roof eventually
What was the outcome?
I have a cash-flowing property with renters in place.
Lessons learned? Challenges?
Have a few items to take care of to get the property running full steam - probably around 2K of small items.