Clarksville TN Duplex Full Gut Rehab

[Noah Chamberlain]

Investment Info:

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

Purchase price: $55,000
Cash invested: $50,000

This duplex was brought back to life at the expense of my sanity! However, I learned so much and will hopefully make a little money.

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

I could afford it! And I knew I would learn a lot bringing this one back to life.

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

Off Market.

How did you finance this deal?

Hard Money. I'm not a big proponent of using hard money, but a bank or regular lender wouldn't touch this thing. I needed to save my on money for the extensive rehab, so I went the hard money route.

How did you add value to the deal?

Forced equity.

What was the outcome?

I learned a lot! Overall, this was a decent deal. Extensive rehabs like this one can be very time consuming for investors who want to save money by taking an active role in the renovation. I'm going to try to stick to properties that need cosmetic renovations as opposed to full gut rehabs. That way all my time and funds aren't tied up in one property.

Lessons learned? Challenges?

Bringing a property back to life is super time consuming. Staying on top of contractors and ensuring work is done properly is imperative for investment properties like this.

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

Myself!