Updated over 4 years ago on . Most recent reply
Duplex - Renovate and Hold
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Oklahoma City.
Purchase price: $195,000
Duplex in urban core OKC. Purchased off market, put $56,000 into repairs and renovations. Started as an airbnb, but pivoted during pandemic and now have each unit leased long term for $1250/mo. Nets about $650/mo, and recently appraised for $324,000.
How did you find this deal and how did you negotiate it?
Off-market, traded offers with seller
How did you finance this deal?
Out of state partner paid down payment + closing + holding costs, bank loan for renovations and rest of purchase. Completed a cashout refi to get cash partner ~50% of his cash back.
How did you add value to the deal?
Cosmetic upgrades (refinish floors, paint, countertops, tile, vanity, toilet), Repairs of plumbing, HVAC, windows, water heaters. New Amenities of stacked W&D machines in each unit, added a second driveway so each unit has it's own parking