Duplex in small town

[Jamison Schweitzer]

Investment Info:

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

Purchase price: $95,000
Cash invested: $1

Bought from an estate well under market value, put close to $30k into improvements (and paid myself to do the work). It is in a small town outside a larger city. Good rents with lower purchase price.

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

MLS. Negotiated via realtor

How did you finance this deal?

100% bank finance since I purchased so far under value. The property assessed for $148k. Market value around $160k. The bank financed $118k.

How did you add value to the deal?

Renovations yielded higher rents

What was the outcome?

Very happy. Property cash flows around $675 a month.

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

Financed at Great Western Bank - Melissa Schooley - North Liberty, IA