Mormon Street near downtown Mesa

[Dillon Oergel]

Investment Info:

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

Purchase price: $438,000
Cash invested: $20,000

2/1 1250 soft main house with lots of green and trees, and a 480 soft casita in the back that I lived in and remodeled before renting it out.

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

The live in flip strategy and a second unit to live in while one is being remodeled

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

MLS

How did you finance this deal?

VA home loan

How did you add value to the deal?

I remodeled the casita to include asbestos popcorn ceiling removal, kitchen remodel, floors, removed 2 small separation walls, paint all around, and new ceiling fans.

What was the outcome?

The casita is a gorgeous, modern unit that rents for 1350/mo and the main house is unimproved from purchase and rents for $1850/mo

Lessons learned? Challenges?

Don’t go with the cheapest contractor, trust your gut. If you get bad vibes from someone and they don’t seem professional, find someone else.

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

Purchased without a realtor