Subdivide dilapidated multi into 4 luxury townhouses
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
https://photos.app.goo.gl/drAGE6qoQpo2zTmk6 (https://photos.app.goo.gl/drAGE6qoQpo2zTmk6)
https://photos.app.goo.gl/jPLzX8QHq7PRsGo86 (https://photos.app.goo.gl/jPLzX8QHq7PRsGo86)
What made you interested in investing in this type of deal?
It is a great, rapidly appreciating neighborhood, with the opportunity to buy at a discount and value add.
How did you find this deal and how did you negotiate it?
Used a 1031 Exchange, bought it from another investor who could not afford to renovate
How did you finance this deal?
Construction to Permanent
How did you add value to the deal?
Subdivide and gut renovation
What was the outcome?
Yet to be determined! Still in renovation
Lessons learned? Challenges?
The city is not investment-friendly.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Terence Young: https://efundercapital.com/about-us/