My New Baby - Old Victorian Triplex in San Luis Obispo

[Janelle K. Eagle]

Investment Info:

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

Purchase price: $1,150,000
Cash invested: $300,000

Built in 1890, this Old Victorian was converted into a duplex in the 70's by a talented architect who made some unique and extraordinary custom design choices (read Vaulted Sunlights) that make this property truly one of a kind.

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

This is a perfect BRRRR strategy as I was able to get an extremely reduced price and there is a LARGE value add opportunity with adding an ADU and upgrading the original structure.

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

Purchased off the MLS! This property had my heart from the moment I saw the listing, but it took A LOT of work and calculations (and LUCK!!!) to get it down to a price that would make the numbers work.

How did you finance this deal?

Conventional Loan - did 15% down with a $25K seller credit at closing which allowed me to reduce my down payment.

How did you add value to the deal?

I will be upgrading the existing duplex and then converting an old carriage house into a permitted ADU / Tiny Home. It will take a huge amount of work to upgrade the property which has not been properly maintained, so we'll be doing a lot of infrastructure rehab including adding HVAC/AC, upgrading the wiring, and bringing the old floors back to life.

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

I represented myself in the deal which was key to getting my offer selected - I could offer the seller reduced commission!