Mission Inn, Riverside Duplex - Great cashflow
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $325,000
Cash invested: $65,000
Purchased a duplex with the intention of assembling the land next door to eventually develop. Currently a veterans group rents both units and management from our end is almost zero. Very easy investment to sit on while we acquire what we need to develop. My property management company handles all issues.
What made you interested in investing in this type of deal?
Off-market cash flowing deal with minimal repairs needed in a quickly growing market.
How did you find this deal and how did you negotiate it?
Found it from a hard money lender friend of mine.
How did you finance this deal?
Conventional financing.
How did you add value to the deal?
Fixed up the second unit and added a second bedroom to it.
What was the outcome?
We cashflow over $2,200 per month with minimal work.
Lessons learned? Challenges?
The house on the left is really a tin box. Eventually we hope to tear it down and build a mixed-use housing and retail complex due to its corner proximity. Great tenants make everything easier.
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
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