1 doors to 9 in less than a year

[Meredith Mihm]

Investment Info:

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

Purchase price: $130,000
Cash invested: $30,199

Property number 3! A duplex, 3 bedrooms down, 1 bedroom up. Close to college and downtown! We are going to furnish the 1 bedroom and rent it to travel nurses. Thanks to Joseph Hammel for helping us find kickass financing for this deal!

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

Location-- good deals in Winona are hard to find, since only 30% of each block can be rentals.

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

FSBO in FB marketplace. No negotiation, we offered asking-- duplexes at this price point are nonexistent around here.

How did you finance this deal?

A commercial loan, 3.5% locked in for 10 years, then ARM amortized over 25 years. 23% down

How did you add value to the deal?

We will renovate both units, renovate and rent the garage,raise rents.

What was the outcome?

We will see!

Lessons learned? Challenges?

Commercial loans are SO EASY! I don't know if I can handle going back.

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

Yes, Shawn Beier at Keller Willaims! He is also in investor.