First Hard Money Deal - Duplex
Investment Info:
Small multi-family (2-4 units) hard money loan investment in Kansas City.
Purchase price: $102,000
Cash invested: $64,000
Contributors:
Robert Musallam
Acquisition and Exit Strategy: BRRRR. Financing: Hard Money. Business Plan: Complete repositioning of historic duplex in gentrifying submarket in KCMO.
What made you interested in investing in this type of deal?
The proximity of the property to a transitioning submarket was our initial interest. Upon further due diligence we discovered a lot of investment activity in this particular neighborhood.
How did you find this deal and how did you negotiate it?
Local broker who invest himself in the submarket in question.
How did you finance this deal?
Hard money loan
How did you add value to the deal?
Complete rehabilitation of both units. Big capital overhaul, upgrading HVAC, water heaters, electrical, roof, etc.. New kitchens, bathrooms, bedrooms and flooring. New external / internal paint. New fixtures. Modern amenities.