Winter Park Duplex

[Charles Maddux]

Investment Info:

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

Purchase price: $455,000
Cash invested: $93,000

Duplex that needed some love! Fully renovated both sides and ARV is ~$650,000 I was able to increase rents and get good cashflow

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

I wanted to invest in an area that is rapidly appreciating that has rents high enough to also cashflow. This was also a value add opportunity and I am excited about the forced appreciation.

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

MLS, Zillow actually. We used a real estate agent. Megan Blair Torres who was excellent!

How did you finance this deal?

Traditional financing, 15% down, 30 year amortization

How did you add value to the deal?

We redid the kitchens, bathrooms, put up a new fence, and installed new windows.

What was the outcome?

Rents were able to be increased from $1200 a side to $2100/side. The market obviously helped with this too! We bought the property for $455,000, put in $93,000 and now its appraising for $650,000.

Lessons learned? Challenges?

Find a good contractor. It is important to be decisive as rehabs can take forever if you are not efficient

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

I would highly recommend Megan Blair Torres, my real estate agent! She was just simply the best and I continue to use her now. Also Robert Johnston from US Bank is very easy to work with.