Duplex with Obvious Hidden Value

[Neil Ginty]

Investment Info:

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

Purchase price: $382,500
Cash invested: $250,000

Duplex with a detached 800 sq.ft plumbed and powered workshop which we converted to an additional unit

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

800 sq.ft detached workshop that had a small kitchen and bath and was easy to convert to third unit

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

MLS. Our agent deftly kept in touch with selling agent and we got it by $500 above next best offer!!

How did you finance this deal?

Conventional and Heloc for construction

How did you add value to the deal?

Built a third unit

What was the outcome?

Not a full BRRRR but excellent cash flow and its a strongly appreciating market

Lessons learned? Challenges?

How to work with angry contractor, importance of keeping momentum
Jump on a deal when you see one (this one was no brainer)

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

Yes, Ruben Haynes