1009 N Lasalle (Duplex #1)

[Max C Moore]

Investment Info:

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

Purchase price: $145,000
Cash invested: $36,000

I got a cool deal when I sold another duplex a couple of streets away for a really good price. The guy who owned the Lasalle property saw that and hit me up to know what his duplex could be worth. Luckily, I had some cash and a preapproval ready for a good deal that I was waiting for. After doing a Comparative Market Analysis (CMA), I told him he could list it for $150k, but I could get him an offer of $145k by the end of the day. He was excited about that.

I went over to check out the property and was pleasantly surprised. I was actually looking for places to use for a Housing and Urban Development (HUD) Veterans of America (VOA) program, aiming to create a spot for good cash flow while supporting a veteran. The property already had a tenant paying $725, and I got a veteran into the other unit, bringing in $1,100.

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

I was interested in this deal because I recently sold a similar property nearby and the owner of the Lasalle place reached out. I had the cash and approval ready for a good deal, and after checking the market, I suggested he could list it for $150k, but I could get him an offer of $145k by the end of the day. The property looked promising during my visit, and it was perfect for a program supporting veterans. Getting a tenant at $725 and placing a veteran in the other unit for $1,100 made it even

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

I received a cold call from the seller. I was quick to act with a good price.

How did you finance this deal?

Conventional

How did you add value to the deal?

Nope

What was the outcome?

The outcome has been highly favorable. I successfully acquired a promising property, fulfilled my goal of assisting a veteran through the housing initiative, and am now experiencing positive cash flow from the venture.

Lessons learned? Challenges?

The biggest lesson for me has been having the ability to manage a manger. Not saying my manager is inadequate, but following up on my end & doing a part to keep things rolling along.

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

I am an agent!