Rare mixed-use property just 3 blocks from the beach

[Myrtle Mike Thompson]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $581,000

Brokered this deal for a repeat client and BiggerPockets member. He's going to renovate the front house and turn it into a ski lodge themed short-term rental and lease the two duplex units in the back as long-term rentals. We were able to get this for over $200k less than the seller's initial asking price, plus I negotiated a seller credit of over $17k which my client used to buy down his interest rate. Can't wait to see the transformation!

How did you find this deal and how did you negotiate it?

This property had been on the market for nearly a year.

How did you finance this deal?

My buyer utilized a VA loan to purchase this with 0% down.

How did you add value to the deal?

He's going to live in it for a year while transforming the property into his next vacation rental.