2 family converted to single family

[Charles Aiello]

Investment Info:

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

Purchase price: $125,000
Cash invested: $25,000
Sale price: $230,000

Bought the property about 4 years ago, originally it was a 2-family rental. Over the recent years I converted it into a single-family home. Did most the work myself with some help. Sold it recently to make a nice profit.

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

I originally bought the house, not knowing much. I was always told that rental properties were a good investment.

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

Before when the housing market wasnt so crazy like it is now. it wasn't very hard to find the rental. I used a relator, found a good house and bought it.

How did you finance this deal?

5 percent down, standard 30 year loan

How did you add value to the deal?

The house originally was a single family home, that was later converted to a 2 family. To me i felt the house would be worth more as a single family home. It didn't take much to convert it back to a single family. I did all the work myself.

What was the outcome?

Sold the house and made a good profit.