Duplex from 1860 in Lakehurst NJ

[Jasmin Elalfy]

Investment Info:

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

Purchase price: $255,000
Cash invested: $70,000

This home was built in 1860 and was a big headache to fix up, but we fully renovated it and put really good tenants in both units!

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

We were very interested in having a duplex for such a cheap purchase price, although reno was heavy, it was worth it in the end!

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

This was an off market deal brought to us by a realtor partner.

How did you finance this deal?

Hard money fix & flip loan, then refinanced into a 30 year loan.

How did you add value to the deal?

Renovated entire duplex, removed oil tanks

What was the outcome?

We have two amazing tenants on both sides that pay on time. We ended up pricing it very fairly we could’ve went higher however we wanted long-term tenants and we ended up having a pool of 20 applications to choose from.