Duplex - Thomas St - Ravenna, MI

[Rachel DeJonge]

Investment Info:

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

Purchase price: $160,000
Cash invested: $50,000

Duplex - Each Unit 1,000 sq ft - One unit was semi-updated and leased. Other unit needed an overhaul.

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

Long Term Investment

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

Contacted local contractor to work on our home. He mentioned he had a duplex. We asked if he'd be interested in selling. Not much negotiating because he didn't want more than what it was worth.

How did you finance this deal?

Personal mortgage

How did you add value to the deal?

Paint in both units, New floors, update bathroom in one unit

What was the outcome?

Love the entire process of this investment. Tenants are great!

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

Used Transaction coordinator with title company.