3009 Dryades St.

[Shane Macy]

Investment Info:

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

Purchase price: $275,000
Cash invested: $60,000

Primary residence that is 100% paid for by STR income. I did a lot of the renovation myself and will eventually add a camelback.

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

I wanted a free place to live in an up and coming area with a big yard, historic features, affordable enough to allow for additional investments. This investment checked all the boxes and is producing wonderfully. $22k from STR last year and on pace to exceed that in 2023.

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

I had 5 different properties under contract with, all with similar return potential. This one required the least amount of work and is in a location that suits me well.

How did you finance this deal?

I purchased with cash borrowed from a security based lending account attached to my brokerage. After the renovation I cash out refinanced into a very low interest rate and repaid the account.

How did you add value to the deal?

I did a lot of the work myself, added gas lanterns, new fence, neat things like a bar and wine rack hidden behind picture frames. There is new construction on every block in this area. It's one of the fastest gentrifying neighborhoods in the city. The STR is streamlined and it's production will be very eye-catching when/if I decide to sell.

What was the outcome?

A cozy, functional, free place to live that is building equity!

Lessons learned? Challenges?

Contractors are not to be trusted. Get things in writing. Don't be emotional. Use clear communication.

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

Myself! Also, Jeff Delatte of Delatte Homes https://delattehomes.weebly.com/ is an absolute professional. He's come through for me multiple times, is completely trustworthy, affordable and extremely easy to work with.