Coastal Area Duplex - 37th Street, San Pedro

[Jeromy Rogan]

Investment Info:

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

1920's duplex in coastal San Pedro CA. One unit is a 3-bedroom, 2 bath, and the other unit is a 1-bedroom, 1-bath. There is a three car garage in back with a 650SF storage room above.

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

This was another long term buy and hold deal for us. This house was practically a tear down when we bought it and we put a lot of effort into the rehab and improving the property.

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

This was found through MLS. We ended up negotiating with the seller who had owned the property since the 1960's into lowering the price when the appraisal came back lower than our offer.

How did you finance this deal?

Conventional 30year financing.

How did you add value to the deal?

A lot of sweat equity. The architectural plans for the addition and garage were done in house.

What was the outcome?

We have two wonderful tenants and are in the process of converting the 650SF storage room above the garage into a third unit.