Our second income property

[Jill Barrett]

Investment Info:

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

Purchase price: $4,000
Cash invested: $35,000

This was a big project. This property is a duplex owned by 1 family. The mom lived in one side and the son and his family lived in the other. It was a hoarded house that they walked away from. While we were working on the first unit, my husband was diagnosed with cancer and we put the project on hold for his treatment. As of now, one side is done and rented and we're currently working on the other with a projected done date of July.

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

We loved the properties that needs a lot of work. The ones that people walk away from. We do all the work ourselves.

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

We found this by word of mouth. We knew the owners just wanted to be done with it and get it off their hands.

How did you add value to the deal?

We knew that the sellers were desperate to get rid of the property and used it to our advantage.

Lessons learned? Challenges?

One lesson learned it the amount of garbage a house can hold! We took 6 16yd dumpsters and multiple trailer loads of garbage out. Nothing salvageable.