Updated about 5 years ago on . Most recent reply
BRRRR Duplex Deal in Ironton, OH
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Ironton.
Purchase price: $10,000
Cash invested: $60,000
BRRRR property! We bought this duplex for $10,000, put $60,000 into the renovation. We cashed out refinanced at $89,000 and now we have a cash flowing property with gross rent at $1475/ month.
What made you interested in investing in this type of deal?
Low barrier to entry, >100% ROI, cash flow and in a nice neighborhood.
How did you find this deal and how did you negotiate it?
Facebook "we buy houses" advertisement. The seller wanted to sell to us because we have a local reputation of bringing dilapidated properties back to life.
How did you finance this deal?
Personal cash on the front end for purchase and renovation, refinanced with a local portfolio lender.
How did you add value to the deal?
It was empty. $60,000 renovation. Then placed tenants to make a cash flowing property.
What was the outcome?
We added a cash flowing duplex to our portfolio, and cashed out on some of our forced equity.
Lessons learned? Challenges?
This was a fairly seamless deal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Citizens Deposit Bank and Trust in Ironton, OH.
