7 Bedroom Padsplit

[James Polk]

Investment Info:

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

Purchase price: $250,000
Cash invested: $75,000

7 bedroom Padsplit property at 93% occupancy

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

Cashflow

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

Wholesaler that I managed his airbnb.

How did you finance this deal?

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

How did you add value to the deal?

changed a 5/2.5 into a 7/4

What was the outcome?

Turned out great it is my favorite padsplit remodel

Lessons learned? Challenges?

Wish I had remodeled the space that is the dining room into an extra room to improve cashflow.

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

NA