2 Properties for the Price of 1!

[Tracie Hammelman]

Investment Info:

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

Sale price: $199,900

515 W 6th St. 3000 sq ft duplex, all new plumbing and electric, espresso shaker style cabinets, new tile, refinished hardwood floors, washer/dryer connections, central air/heat, ceiling fans, light fixtures, pier and beam foundation. 4 car detached garage, needs enclosed. Duplex is rented.
524 Spruce St. 5000 sq ft SFH zoned commercial but can be used for residential, 7 bedrooms/offices, 3 baths, new plumbing and electric, 3 hvac central air/heat, solid foundation, baths and wet bar area rehabbed. Both properties are on 1/3 acre and for sale together. Rehab to be finished in a few days.

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

Craftsman style architecture, historical structure (The Cervini House)

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

Loopnet.

How did you add value to the deal?

Complete rehab from the ground up.

What was the outcome?

Ready for renters

Lessons learned? Challenges?

I bit off more than I could chew, but got through it.

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

no