A value add opportunity two units on one lot

[Matt Ziegler]

Investment Info:

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

Purchase price: $250,000
Cash invested: $58,000

House with a cottage… starting rehab in January

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

Always looking for properties that are in our area and that meet our criteria

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

Owner responded to our direct mail

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Will remodel front house first, then rebuild the cottage completely

What was the outcome?

Work in progress. Should have main house done by April 2022

Lessons learned? Challenges?

Important to test for any environmental contamination (lead and Asbestos) for older properties. We did, we had and we’re able to better understand the scope of work needed. This helped us renegotiate the price

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

This was a principle to principle sale.