Duplex Home In North Ga

[Teren Hooper]

Investment Info:

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

Purchase price: $300,000
Cash invested: $28,000

Acquired the property as just a 2/2 with an unfinished basement. Completely remodeled the basement and added a full living space with 2/1.

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

I have a goal of getting into multi-family properties and I felt like this property had the perfect potential of getting me there, offering an unfinished basement to create a split level duplex.

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

It was a deal that had came to me via word of mouth and it was just too good to pass up on. I owner finance 100k of the sale and did a conventional mortgage on the rest of the home.

How did you finance this deal?

Owner/conventional

How did you add value to the deal?

By adding a 2/1 and full kitchen in the basement

What was the outcome?

Great income producing property, and will be more cash flow positive if rates go down and I can refinance.

Lessons learned? Challenges?

Don't bank on interest rates going back down quickly.