My second property and the renovations!

[Jason V.]

Investment Info:

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

Purchase price: $115,000
Cash invested: $25,000

This was a property that I took over. I had to do extensive renovations in the lower unit and added some laminate flooring to the upper unit. My properties are always a work in progress, as I like to keep them up. I plan on painting the house and continuing to improve it.

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

I always wanted to renovate a rental property.

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

This was a property my wife inherited. Thankfully, she let me fix it up and we kept it. It has been a solid cash flow producer.

How did you finance this deal?

Traditional bank financing and received a cash out for the renovations.

How did you add value to the deal?

The decks and porches were all upgraded. The interior was painted and new cabinets and flooring were installed. We got rid of most of the original tenants and added new tenants who were much more responsible.

What was the outcome?

Still keeping this one!

Lessons learned? Challenges?

I learned a lot about quit claiming, multifamily insurance, and cash out refinancing on this one.

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

Citizens Bank of Mukwanago was very helpful with this investment.