364-366 Berkeley Road

[Allyssa McCleery]

Investment Info:

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

Purchase price: $235,000
Cash invested: $35,000

Duplex purchase in appreciating neighborhood of Franklin Park. The property is still in rehab; cash flow and cash invested are estimates.

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

We see a lot of potential for this area of town and were able to get the property under contract for less than the appraised value (before rehab). With the work that is being put in we anticipate a nice return on appreciation.

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

This deal was found on the MLS and the offer was made attractive by offering a conventional loan offer as well as a hard money loan offer. The sellers chose to accept the hard money loan offer.

How did you finance this deal?

Through Temple View Capital we were able to secure 85% financing which could have included rehab money but we decided not to take it.

How did you add value to the deal?

The property is zoned for 3 units so we are adding a unit to the basement of the property which will allow for additional income.

What was the outcome?

Coming soon....

Lessons learned? Challenges?

A lesson learned is to be very selective in the contractors you allow to work the job. We had one of the guys steal some tools and have had issues with reliability.

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

David Ginsburg at Temple View Capital
Michael Zoller at Sotheby's Realty