Updated almost 5 years ago on . Most recent reply
Duplex in Olathe, Long Term Rental
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Olathe.
Purchase price: $285,000
Cash invested: $70,000
This was our first investment property. It's a duplex that has had long term tenants in it, they have been there for 6-8 years. Rents were way below market, once we closed on the property we gave the tenants 45 day notice of rent increases. Both sides signed new leases at increased rents. They have been fantastic tenants and no issues. We did replace both decks this spring. Next year we will do some light rehab on one side.
What made you interested in investing in this type of deal?
We are focusing on increasing monthly cashflow. This property had a solid rental history, long term tenants and opportunity to increase rents.
How did you find this deal and how did you negotiate it?
Loop.net
How did you finance this deal?
Conventional financing
How did you add value to the deal?
We increased rents significantly on both sides and replaced both decks off the back
What was the outcome?
We were able to retain the inherited tenants with new leases
Lessons learned? Challenges?
Lots of different ways we could of done things but overall I'm happy with our tenants and the outcome.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am licensed so I was able to find and negotiate the deal