Buy and Hold Columbus Duplex

[Cuong D Nguyen]

Investment Info:

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

Purchase price: $87,000

1034-1036 Loretta Ave, Columbus, OH 43211 is a multi family home that contains 1,344 sq ft and was built in 1950. It contains 4 bedrooms and 2 bathrooms. This home last sold for $87,000 in December 2020.

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

This is a buy and hold property with added value.

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

Off market deal through my agent

How did you finance this deal?

Convential

How did you add value to the deal?

Renovated both units when tenants left

What was the outcome?

Cash out refinance to pull out equity after renovations.

Lessons learned? Challenges?

Better walkthrough when buying the property.
Have a good Property Manager that can help with eviction of non-paying tenants.
Good contractors to rehab and turn the property quicky.
Good lender in place to refinance after renovations.

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

Yes, I would recommend my agent, Remington Lyman, at REAF Company.