Duplex- buy and hold

[Tammy Skeath]

Investment Info:

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

Purchase price: $255,000
Cash invested: $255,000

Purchased duplex to rehab and then hold as rental at market rents. Will refinance and then repeat.

What made you interested in investing in this type of deal?

I could purchase two side by side duplexes for a value.

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

MLS. All cash deal brought the price down.

How did you finance this deal?

Cash.

How did you add value to the deal?

Rehabbed- $22k per duplex

What was the outcome?

Renting them at market rent price. $1300/per unit. Refinancing soon and pulling cash out to repeat process.

Lessons learned? Challenges?

Once you know what the property is worth to you don’t budge on your number even if that means losing the deal. Not getting emotional about the property.

[Tammy Skeath]

Hi @Terry Fox I did evaluate them but after rehab I spent $277k on each duplex I bought and I’m getting similar rents as the brand new ones since mine are updated. Brand new duplex are getting about 1300-1400 in rent/ Per unit. So it didn’t make sense to spend $330k.