Manufactured Duplex Live-in BRRR

[Ritchie Molitor]

Investment Info:

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

Purchase price: $420,000
Cash invested: $80,000

Live in BRRR... Family (8 kids at home) living in both sides while renovating, under contract for next "live-in BRRR" , we will refi and get our $80k plus out of it in Feb.

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

Needed a place to live while building a new home.

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

It was on the MLS for a long time in our Market, it was overpriced at 449k..got it for 420k and it appraised for 440K.

How did you finance this deal?

Conventional, had to go through local bank, it is a unique Manufactured Duplex, which most lenders won't touch.

How did you add value to the deal?

We did the following: -Tore out wall between kitchen and family room- tore out all flooring and trim - adden new LVT flooring everywhere- new paint inside and out - painted cabinets- new appliances- new island and island top.

What was the outcome?

Waiting to refi in Feb to get back down payment... should be a cinch.

Lessons learned? Challenges?

Most lenders will not lend on a manufactured duplex!