Park County Duplex 8bd/8ba

[Jake Sklanka]

Investment Info:

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

Purchase price: $649,000
Cash invested: $170,000

Duplex
4 bed / 4 bath on each side

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

Small multifamily, provide local housing, numbers looked good which is hard to find in this area with long term tenants, rapidly appreciating area in the mountains of Colorado close to Breckenridge.

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

I'm a real estate agent in the area.

How did you finance this deal?

Partners brought in a bank that got it done.

How did you add value to the deal?

Remodeled one side and brought total rent up from $3000 to $5100 within months.

What was the outcome?

Rented this amazing property with a creek running through the backyard to local tenants! :)

Lessons learned? Challenges?

Unicorn property for the area with 8 beds and 8 baths. Basically no comparable sales in the area, so listing agent was worried it wouldn't appraise at the purchase price. Talked to a whole lot of people before we found partners interested in the deal, it was a long 6 months to get to the closing table after being under contract twice and falling out due to lenders not thinking it would come in at value either. Well, it did appraise and we're in!