Duplex conversion from Single family home

[April Jensen]

Investment Info:

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

Purchase price: $320,000
Cash invested: $60,000

Duplex conversion from a single family home. 1/2 is rented out and we are finishing renovations to the other half and then on refinance

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

Forced equity

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

MLS

How did you finance this deal?

Bank loan

How did you add value to the deal?

Converted a single family home to a duplex through a garage conversion on a split level home.

What was the outcome?

Cash flow will be ~$1500 per month

Lessons learned? Challenges?

It takes a very long time to get building permits and replats, especially during COVID