another duplex done quickly

[Matt A.]

Investment Info:

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

Purchase price: $112,000

Got another one under contract. Actually had 2 multi-family buildings verbally accepted, however the seller and the sellers agent were such jerks I walked away. It became obvious that they were not dealing in good faith and it was time to move on.... so "the deal of the decade" presented itself the very next morning! I had my team present the offer in the morning, dropping off a earnest deposit less than 24 hours later.

Good duplex that cash flows as-is (it will be much better soon as we own it, less than 4 blocks from others we own. Total rehab in just under 90 days, a couple weeks to get leased up with a couple of great tenants, and just re-fied out all in just over 4 months!

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

BRRRR

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

MLS - priced way under what it was worth

How did you finance this deal?

cash... closed it in 2 weeks

How did you add value to the deal?

complete rehab

What was the outcome?

fantastic appraisal (both buying then again 90ish days later for the re-fi)

Lessons learned? Challenges?

Contractors are challenging... especially when your half the globe away on vacation during a rehab.

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

Yup - great agent thats got our offer contingencies tee'd up and ready to go. Can get a written offer into a sellers hands in 60 minutes