Updated almost 6 years ago on . Most recent reply
investment 2: Duplex Athens Ga.
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Athens.
Purchase price: $120,000
Cash invested: $39,000
brick duplex with 2bed/1 bath each side in popular athens ga area near shopping/grocery/vet school
What made you interested in investing in this type of deal?
area is very popular, near UGA campus and shopping. great employment area. Multifamily to reduce vacancy risk and cap ex
How did you find this deal and how did you negotiate it?
found on MLS via zillow
negotiated with seller realtor via our realtor sellers realtor was also the property manager and had issues keeping property rented.
How did you finance this deal?
had cash from our cash out of annuity and 401k, as well as 401k loan and selling of company stock for the 20% down, went to our portfolio lender for a loan on 80% LTV that we had used on first purchase 3 months prior.
How did you add value to the deal?
updated electric component to code. cosmetic rehab on 1 side not occupied, paint and vinyl flooring in bathroom and kitchen. new appliances. new vanity to side B. new light fixtures. ceiling fans through out. washer and dryer installed. landscaping to increase curb appeal. self repaired driveway that had tons of holes in pavement
What was the outcome?
inherited 1 tenant that is long term, increased rent by 5%. have room to go up more to get to market value rents over next 3 yrs.
rehabbed side B rents out at max rents for area, after total rehab @ 9k
plan to paint exterior in spring of 2020 and place privacy fence and outdoor storage to increase return
Lessons learned? Challenges?
vinyl tile flooring is very inexpensive and easy to put down, just make sure to acclimate to temp. for several days first. bath tub cleaning was a challenge, finally found a great product on amazon that worked like a champ.
Most Popular Reply
@Joseph Firmin
It’s called Mighty Boss by zoom cleaning products. Has a bull on the label. I filled up the enamel tub & poured this in to water as recommended on label & let it soak several hours, was totally amazed.