Duplex BRRRR Downtown New Albany
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $85,000
Cash invested: $15,000
2-1/1 apartments, duplex
FIRST BRRRR
What made you interested in investing in this type of deal?
I love that even when one unit is vacant & trashed, the other tenant's rent is still covering the basic expenses related to this property. It's a much easier transition when you don't have to cover all of the holdings costs as well as repair & turn over a unit.
How did you find this deal and how did you negotiate it?
I went to dozens of meetings and kept having lunch with savvy investors. Finally one of them offered to take what little money I had to invest and offered to finance the deal. They trusted that I knew what I was doing and if I didn't know, I was smart enough to ask questions and seek advice. This deal was only possible because of the hours I'd spent learning & meeting the right people.
How did you add value to the deal?
New Windows, Flooring, paint, fixtures & all the goods.... This one was full of expensive lessons.
What was the outcome?
I learned to never rent to family..... one unit got complete trashed after the property management we hired to keep the peace was forced to give them notice to vacate after they refused to get rid of their pot farm they had growing in their basement & it was about a $15,000 lesson. I won't make that mistake again & I feel it's important to share these mistakes with this educational community
Most Popular Reply
It’s unfortunate you had to deal with vacating a family member and having them treat you and your property poorly, but it sounds like you’ve learned quite a bit. Thank you for sharing!