Duplex Investment Property in Southern California

[Sarah Beard]

Investment Info:

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

Purchase price: $179,000
Cash invested: $50,000

Desert Bungalow Gem built in 1958. Located in the Spa Zone of Southern California surrounded by three National Parks, Mt San Jacinto, San Gorgonio and Joshua Tree within 30 minutes. Ten minutes from downtown Palm Springs and Ariel Tramway.

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

Southern California 1% rental rule worked.

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

Zillow. My daughter said "Crazy buyer meets crazy seller" I bought based upon the view, location and numbers, not based upon the house.

How did you finance this deal?

Conventional

How did you add value to the deal?

Sweat equity

What was the outcome?

Excellent

Lessons learned? Challenges?

I need plumbing, electrical, construction trade & technical skills.

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

Annie Gotch of Southern California Paramount Residential Mortgage Group Inc. (PRMG Inc.)