Brrrr Coastal Southern California

[Kristine Cassar]

Investment Info:

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

Purchase price: $700,000
Cash invested: $400,000

Tore down original 1200 sq ft single family residence and built a 4300 sq ft 3 family building.

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

Appreciation and higher rents in coastal areas

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

Drove by abandoned home and searched for the owner. Found it was bank owned and spent 2 years bugging the bank. The bank finally agreed to sell and had 48 hours to come up with 700k.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Tore down original home and built a 2400 sq ft main home with a 1000 sq ft apartment and a 650 sq ft accessory dwelling unit. All units rent for a total of $14,500