Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago on . Most recent reply
![Kathy Argento's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/330628/1621444731-avatar-kathyargento.jpg?twic=v1/output=image/crop=354x354@0x3/cover=128x128&v=2)
Crazy Roller Coaster Ride Long Distance Cleveland Duplex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $10,500
Cash invested: $27,000
Sale price: $65,000
This duplex was originally going to be a flip but with a rental back up strategy. My contractor fixed it up for me so I could flip it and then tried to sell it. It was on the market for 2 months and I could not sell it so I decided to rent it out. Long story, but city of Cleveland said it needed lead remediation and taking seller to court to recoup some of that and in the end I sold the home for a very nice profit, even though the lead remediation cost me a large chunk, I still came out ahead.
What made you interested in investing in this type of deal?
It was a duplex that was being sold way under value, so I had 2 potential money-making strategies for this property
How did you find this deal and how did you negotiate it?
Believe it or not, I found it on Cleveland's Craigslist. A wholesaler was advertising it. Very risky but I did all the necessary homework, including making sure i had a solid couple of trustable contacts and contractors lined up BEFORE buying it. It was such a good price, I did not negotiate anything. I paid the advertised price of $10,500. The wholesaler made $3,000.
How did you finance this deal?
paid cash
How did you add value to the deal?
I paid $9,000 to fix it up, rental quality. rented it out for a few years. Later, had to remediate the lead issue, so I paid another $16,000 to do that.
What was the outcome?
I sold it and did pretty well, profit-wise!