Updated about 5 years ago on . Most recent reply
Duplex on 9th Street in Downtown Columbus, IN
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Columbus.
Purchase price: $82,000
Sale price: $82,000
This was a duplex that came on the market in April. I inherited 1 section 8 tenant made some light rehab to the 2nd unit and rented it out July. Deal is looking great so far!
What made you interested in investing in this type of deal?
Cash-flow. Small multi-family deals are super rear in my market my market so when one comes on in a decent area I have no cjoice but to pounce on it.
How did you find this deal and how did you negotiate it?
Found on MLS
How did you finance this deal?
Convention 30 fixed with First Financial Bank
How did you add value to the deal?
Added a central AC unit, replaced flooring from carpet to vinyl in bathroom and hallway and painted the interior.
What was the outcome?
Cashflow
Lessons learned? Challenges?
Contractors are super busy to find during COVID. took me about a month longer than expected to complete my rehabs but now I've got a solid contractor to call when I need work done.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with PraDeep Chilumukuru from Berkshire Hathaway (3rd deal we've closed together).
Patti Grider from First Financial Bank was able to get me a great interest rate on my loan.