Heart of Downtown Savannah - A passed over spot now a gem

[Kevin Quat]

Investment Info:

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

Purchase price: $660,000
Cash invested: $165,000

Constructed: 1855 Built For: George H. Ash in the Greek Revival style by George H. Ash. The exterior consists of stuccoed brick masonry with a wide band of trim below the cornice line and a course of brick dentil detail. The slab porch with wooden columns and stone linteled windows are consistent with other George Ash designs (“Georgia Historical Society”). It received two separate Historic Landmark designations in 1973 and 2002 (“Chatham County Board of Assessors”).

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

I knew that with some attention, it would be an amazing cash machine. And I got in the Friday before the short term ordinance changed.

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

It was under contract twice and fell out. I toured, and loved that it had 3 units. Asked the agent what the number was, and made the offer.

How did you finance this deal?

Lender and cash down

How did you add value to the deal?

Renovated carriage house immediately, began short term renting it. Moved into the garden while waiting for Parlor lease to end. When it did, I moved upstairs, renoved fully the garden apartment and re-worked the floor plan. Replaced sewer, fixed garage, painted front and back, new roof. BOOM

What was the outcome?

$115k gross income for all three (2 vacation rental, 1 long term rental).

Lessons learned? Challenges?

Termites suck

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

I brokered this one too.

[Kevin Quat]

Pulled up flooring until wood was no longer eaten. Then had wood milled to match and sorted it all.  Pain.  Best advice is use a carpenter. 

Garden 98k. Carriage 14k. Parlor 6500 (not upfit/renovated yet.