Run down Legal 2-unit gut job in Oshawa, On

[Jason Shackleton]

Investment Info:

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

Purchase price: $392,000
Cash invested: $55,000

Run down Legal 2-unit gut job,
- Buy, Reno and hold for max cash flow!
- Purchased in 2017 for $392 000
- Invested $55 000 into renovations
- ARV of $525 000
- Current 2021 value $750 000
- Rents were doubled on the property!
- Very solid cash flowing asset!
- 3rd Buy and hold property in my portfolio
- My story was featured in Real Estate Wealth Magazine

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

I wanted to add cash flow into my portfolio

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

This was simply sitting on the MLS

How did you finance this deal?

I used the proceeds from a previous refinance from a BRRR deal I had just completed.

How did you add value to the deal?

It was a complete gut job. I added value by renovating the entire property top to bottom.

What was the outcome?

I was able to add just over $130 000 of equity to the property. I doubed the rents too! This became a highly cash flowing property in my portfolio. It aslo helped me get into Real Estate Wealth Magazine.

Lessons learned? Challenges?

Take your time in the tenant selection process. By doing this I was able to secure great long term tenants.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with an investor friendly realtor and mortgage broker.