Small multi-family (2-4 units) buy & hold investment in Columbus.
Purchase price: $190,000
Cash invested: $30,000
Househacked this duplex with a VA loan then refinanced and pulled out all of my money in the property. Both sides currently rented at $1200.
What made you interested in investing in this type of deal?
One side of the duplex was vacant and the other had a long term tenant renting for $800/mo.
How did you find this deal and how did you negotiate it?
Found this on deal on Zillow. It was a FSBO and the seller had updated one side.
How did you finance this deal?
How did you add value to the deal?
By renovating the other side we were able to get both sides rented with good tenants.
What was the outcome?
I was able to take the profits and use them to acquire another unit.
Lessons learned? Challenges?
I learned that VA Loans are not really designed for older properties.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I used Brent Zuch at Gold Financial for the financing. Tammy Gordon at Century 21 kept it all together. They are both Vets and I couldn't have done it without them.
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