Updated over 6 years ago on . Most recent reply
Minneapolis Duplex Flip
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $240,817
Cash invested: $29,877
Sale price: $344,000
Timing and location was everything on this deal!
What made you interested in investing in this type of deal?
Our first duplex ( "house hack" ) we bought 10 years ago is only 4 blocks south from here. We've seen this neighborhood become increasingly popular over the years and this was priced to sell.
How did you find this deal and how did you negotiate it?
We found it on the MLS before the pictures had loaded, and were able to get it under contract within hours. The property appeared to be poorly managed with subpar marketing.
How did you finance this deal?
Cash, with a partner
How did you add value to the deal?
We replaced some windows, re-did one kitchen, and did a lot of cosmetic work inside and out to improve the property.
What was the outcome?
We were able to turn around and sell it during our summer market
Lessons learned? Challenges?
Overall this was a pretty smooth flip for us - we've built an incredible and deep network of contractors so everything went according to schedule and on budget. We weren't initially thinking of doing staging but the results turned out amazing and we were very happy with how the photos and marketing turned out - they did a great job!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
A couple of our contractors really proved to be valuable during this project. For example, we were connected to a granite supplier / installer that was great!
