Updated almost 6 years ago on . Most recent reply
Hard Money Loan Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $90,000
Cash invested: $6,700
This was a wholesale duplex deal that came to us by keeping a beat on what the local operators were getting their hands on. This duplex was presented to us because of the power of follow up.
Used a hard money loan to secure the property and will refinance in 2 months into a 30 year fixed.
What made you interested in investing in this type of deal?
I am a multi-family investor. At the time I was focused on small 2-4 unit properties but am not working toward apartment building acquisition.
How did you find this deal and how did you negotiate it?
This was a wholesale deal that was brought to us because the wholesaler knew me and my partners would close.
How did you finance this deal?
Hard Money Loan
How did you add value to the deal?
We refinished the kitchens and made necessary repairs. Additionally, we removed and replaced the sheet rock on the ceilings to provide safety and peace of mind to our new tenants.
What was the outcome?
A cash flowing multi-family property
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Longhorn Investments is a great hard money lender.
