Fourplex in Downtown Lafayette

[Aaron Van Curen]

Investment Info:

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

Purchase price: $170,000
Cash invested: $42,500

Fourplex located near downtown Lafayette.

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

It would provide a great opportunity to househack.

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

I found it through a personal connection that I have with a local property manager. It was priced right so there was not much negotiations needed.

How did you finance this deal?

My father and I partnered on the deal.

How did you add value to the deal?

I cleaned out the basement and upgraded the washer and dryer.

Future: I will be knocking down a wall in one unit to created a bigger kitchen and have an open concept to the living area. In the same unit I will upgrade the bathroom. There is also potential for a fifth unit in the attic which will turn this property into a commercial property so that I can have it appraised based on the rents. I can also add small storage closets in the basement to rent out to each tenant for extra income.

What was the outcome?

Not finished.

Lessons learned? Challenges?

Grow my network to find more off-market deals.

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

I am a licensed real estate agent. I used Carrie Johnston from Approved Mortgage here in Lafayette. She works fast.