Duplex Becomes First Hometown BRRRR

[Bo Goebel]

Investment Info:

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

Purchased a duplex in Evansville, IN, in June '18. Immediately completed a cosmetic rehab on the property and rented out both units. After 6 months, refinanced to pull out all money invested.

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

It was important go full cycle with BRRRR.

That being said, the most rewarding part of this project is getting my family involved in the process. Partnering with them in different aspects has showed them the power of real estate investing.

How did you finance this deal?

Found the best financing terms through commercial loan with a local credit union.

How did you add value to the deal?

Exterior paint, landscaping, replaced roof, several new appliances, interior paint, fence installation/repair. Other miscellaneous.

Lessons learned? Challenges?

Do not renegotiate on minor details... but always assess the deal as new information is uncovered. If there is a deal-breaker, bring it to the seller's attention with intention of solving the problem.

As always, being transparent, honest, and acting with integrity will benefit in the long run.