From Residential Multi to Commercial Multi

[Calvin Watkins]

Investment Info:

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

Purchase price: $225,000
Cash invested: $54,000

Contributors:
Remington Lyman

4 Unit brick 2 story multifamily consisting of all 1 bed 1 bath units. A lot of deferred maintenance when purchased and rents are below market by about $400 aggregate. The intention is to update units and bring to market rents year one and stage the addition of a 5th unit for year two.

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

Cashflow opportunity and location is in one of the best areas Dayton has to offer.

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

Found on Zillow and Negotiated through Remington Lyman

How did you finance this deal?

Private money

How did you add value to the deal?

Rehabbing unit finishes to where they should be.
Adding an additional unit as the zoning allows for it.

What was the outcome?

TBD

Lessons learned? Challenges?

Questionable Management
Non Domestic Animals living in the building

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

Remington Lyman