All Forum Posts by: Franklin Ruffin II
Franklin Ruffin II has started 3 posts and replied 3 times.
Post: Single Family to Duplex Buy and Hold
- Posts 3
- Votes 2
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $105,000
Cash invested: $90,000
Single family home converted to duplex. 4/2 on level 1 @ $1600/mo, 2/1 on level 2 @ $850/mo. Utilities separated.
What made you interested in investing in this type of deal?
Forced appreciation opportunity with a 3100sqft property with only 2000sqft livable space.
How did you find this deal and how did you negotiate it?
Zillow/MLS listing and negotiated w/ a local realtor.
How did you finance this deal?
Traditional investment loan.
How did you add value to the deal?
Level 1 all new lvp floors, switched from gas to electric, new heat/cool window AC units, fixed 2nd bathroom hot water, added shower to 2nd bathroom, new paint, and new windows. Landscaping and privacy fence extension.
Level 2 complete renovation of electrical, plumbing, added bathroom and kitchen, new windows, refinished hardwood floors, new bathroom and kitchen fixtures, and new doors.
What was the outcome?
Both units under lease for a total gross of $2450/mo
Lessons learned? Challenges?
Affordable plumber and electrician willing to pull permits took about 4/5 months.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.
Post: Cincinnati Condo Buy and Hold
- Posts 3
- Votes 2
Investment Info:
Condo buy & hold investment.
Purchase price: $72,000
Cash invested: $5,000
2/1 947sqft
What made you interested in investing in this type of deal?
Primary home purchase due to high rental cost and low condo sales price.
How did you find this deal and how did you negotiate it?
Zillow, negotiated via seller's realtor.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
n/a
What was the outcome?
Lived there for 1 year, rented the property via property manager. 10yr appraised value is 130,000, property paid off and being leveraged for multi-family home purchase using HELOC.
Lessons learned? Challenges?
n/a
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
n/a
Post: Tuscaloosa Housing Authority Experience (Section 8)
- Posts 3
- Votes 2
Hi I'm Franklin, I live in Orlando and looking to invest back in my hometown of Tuscaloosa, AL. Currently I have an older home under contract that's in a subdivision that has some Section 8 clients in the area. For now the property is setup to be easily converted into a tri-plex, but with Section 8 there may be an opportunity to go with 1 large 5bdr unit and a small 2bdr which I think could work well as a Section 8 property. Does anyone have any experience working with the Tuscaloosa/an Alabama Housing Authority from an owner's standpoint? I've talked with a couple of property managers who do not or no longer work with Section 8 housing and it sounds like they are a bit jaded by the housing authority and their lack of consistency.