Columbus Ohio Multi Family Flip Success - In and out in 60 Days

[Robert Ellis]

Hello Everyone, 

I've been pretty active on the forums the past few years and haven't really posted anything I've done but I thought I'd post a success story. I'm an agent specializing in multifamily and investment and also growing a real estate team. As part of that when I see a deal I have to take it. 

This was an off market duplex in Italian Village. The previous owner had bought it for around $140k. It was off market. We got ahold of him and made him an offer and back and forth we settled at $235k. I actually did an FHA so it would be lower downpayment. The property was in great shape though overall.

We vacated both units by doing a cash for keys and then renovated. Probably less than 8k into the whole thing. Rentals are easy. We rented the downstairs for $1600 per mont (when it was at $1000) and I lived upstairs. Closed this property in August with a $40k profit. Great first project if you ask me. 

My strategy is to be all in for 75% so you can refinance if you can't sell. I haven't seen anyone do a multifamily flip here before, but it was very interesting and I learned a lot from it.