This is a duplex turned into a triplex property super well located in Miami. I rent out all 3 units on a short term/airbnb bases which generates me an average of $3,500 per month net.

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

my first investment property. I was looking for a multifamily unit and after much offers and searching around I came across this duplex with the potential to make it a triplex in the area I was looking at. and it all made sense.

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

Found it on the MLS, as I am a realtor and I am always on the MLS looking for my clients. It was listed at $430K, Sellers accepted my $400k offer with a 7 day inspection period and no financing contingency. (I knew it will apprise for much more, looking at comps).
I then went back to seller and asked if we can raise the PP to $410k and then they credit me back those $10k at closing. and they accepted

How did you finance this deal?

conventional traditional 15% down financing with one of the lenders i have been using for years. so it was smooth.

How did you add value to the deal?

I immediately worked on the curb appeal, lots of paint, lots of plants, privacy fences and screens. I renovated a bit inside the units at a budget, I bought furniture, decorated and got it set up for airbnb all in 7 weeks!
I spent about $40k with renovating, and preparing all 3 units for airbnb

What was the outcome?

I was very scared since it was my first property and i had never done short term rentals. I also had to travel for two months right after i finished everything so i was a bit worried for sure. But the outcome has been amazing! i am so happy with how everything turned out that I know have bought my second duplex in less then a year. (I will post about the second property soon!)

Lessons learned? Challenges?

first property ever and it is about 100 years old so we ran into some issues which i learned from. A little plumbing, electrical, floor issues, moist issues and many other things that happened that i learned from. But most important thing I learned was to have the right team in place. I had no one at first, and also had very little budget to do everything. But def have a team or general contractor to help. You will get it done faster and better and way less headaches.

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

i am a real estate agent myself, but I always recommend first time buyers and investors to work with an agent that knows about numbers and investing, two heads is much better then one.