My dad's house

[Tyler Alexander]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $55,000
Cash invested: $5,000

Is making me and my dad $350 a month for each room that we rented out the rooms are huge so we're paying about 400 in a week to restore anything that is broken but we're making $1,000 2 weeks so it kind of evens out the bad of the $400

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

It would help me and my dad pay the bills and earn a little income on the side

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

Me and my dad sat down and said Dad can we put a couple of your rooms up for real estate room renting he said yes long as there's no money coming out of her pockets so I went on a couple platforms the first one I started with was my Airbnb I posted it up there nobody got anything out of it like nobody then I went to renters.com and found two potential clients and she also had a son so it was okay for my dad and now they live there full time they're paying us 3200 a week and we make about $2,400

How did you finance this deal?

My dad said all I need to finance it with is a bank loan but I didn't do that what I did is I got a hard money loan and they help me my dad a lot more than I thought we paid off the loan two three weeks ago and that was it it was only $5,000

How did you add value to the deal?

We put furniture in the rooms and hang some pictures on the walls and then we painted and did the floors so now the rooms the self are worth anywhere between $5,000 and $200,000 it's beautiful

What was the outcome?

The outcome was very good we're earning $3,200 a week and rent we put about $400 in and the rest is all profit

Lessons learned? Challenges?

The lessons I learned was don't use the traditional way of marketing I paid some money for marketing only a couple dollars the first time and it did not work out like I paid for airbnbs and different renters.com and none of them worked until I found one that I will keep a secret for a reason

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

No but I do have a couple that I can recommend some people to it's a friend of mine he's a realtor his name is Mr sang he only works in the Virginia area