East Austin Duplex (large rehab)
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Austin.
Purchase price: $341,000
Cash invested: $50,000
Huge fixer upper duplex in East Austin. I plan to redo siding, windows, kitchens, flooring, paint, bathrooms, fences and redo the landscpaing. I should spend around $50,000 in rehab but have a really nice place when it's done and rent each 3/1 side for $1800-2000.
What made you interested in investing in this type of deal?
I love East Austin and want to continue to live in the area.
How did you find this deal and how did you negotiate it?
MLS and I represented myself as an agent. I negotiated all closing costs covered, a higher commission and a price reduction.
How did you finance this deal?
FHA Loan.
How did you add value to the deal?
Full interior rehab, siding and windows.
What was the outcome?
We'll see but $3600-4000 rents estimated.
Lessons learned? Challenges?
FHA appraisal was a lot of work as usual with a property in rough condition.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am an agent and represented myself. I currently househack and help dozens of househackers a year.
