Columbus Ohio Multi Family Flip Success - In and out in 60 Days

[Robert Ellis]

Hello Everyone, 

I've been pretty active on the forums the past few years and haven't really posted anything I've done but I thought I'd post a success story. I'm an agent specializing in multifamily and investment and also growing a real estate team. As part of that when I see a deal I have to take it. 

This was an off market duplex in Italian Village. The previous owner had bought it for around $140k. It was off market. We got ahold of him and made him an offer and back and forth we settled at $235k. I actually did an FHA so it would be lower downpayment. The property was in great shape though overall.

We vacated both units by doing a cash for keys and then renovated. Probably less than 8k into the whole thing. Rentals are easy. We rented the downstairs for $1600 per mont (when it was at $1000) and I lived upstairs. Closed this property in August with a $40k profit. Great first project if you ask me. 

My strategy is to be all in for 75% so you can refinance if you can't sell. I haven't seen anyone do a multifamily flip here before, but it was very interesting and I learned a lot from it. 

[Jeff Brower]

Thanks Robert but I was not speaking about prepayment. Someone correct me if I am wrong, but when you apply for an FHA loan, you are saying that you have the intent to occupy the property yourself for the one year minimum. If you have the intent to re-sell it before then, then that would be considered by many on here as mortgage fraud.