Updated about 2 years ago on . Most recent reply
Second investment - cosmetic duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $175,000
Cash invested: $17,500
I approached the owner after tracking down their information through a publicly listed rental permit. I inherited one tenant that was locked in on a low rate & was able to move into the other side and update while I lived there. Once the existing tenant moved out I repeated, while renting out the newly renovated side for top dollar to a long term tenant. Overall, this was a very cosmetic project - new countertops, refinished flooring, new paint and updated lighting.
What made you interested in investing in this type of deal?
Relatively low maintenance updates compared to my first duplex.
How did you find this deal and how did you negotiate it?
Door knocking.
How did you finance this deal?
Local bank, 10% down conventional loan.