Updated about 3 years ago on .
House and Barn Renovation into my first multi family property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $52,000
Cash invested: $70,000
Purchased house with a detached barn (the barn was former bait shop). Renovated the house and got a renter @ $1,400 / month then did a cash out refi and renovated the barn in to a 2/1 with a renter for $1,100 / month.
What made you interested in investing in this type of deal?
The property was in bad shape and came with an additional structure.
How did you find this deal and how did you negotiate it?
I knew the sellers
How did you finance this deal?
paid cash
How did you add value to the deal?
renovated home with new flooring, moved some doors to add a full bedroom.
What was the outcome?
I have an income producing property @ $2500 per month
Lessons learned? Challenges?
This was my first real renovation, so I learned that I need to have the right contractors working on my projects. Cheap isn't always the best.. neither is contractor who charges the most $$$$.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My property manager for rental.