Value Add 4 unit Rental

[Steven Ortiz]

Investment Info:

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

Purchase price: $1,300,000
Cash invested: $350,000

This was a 4 unit in 3 building property in University Heights. It was be neglected for over twenty years and the owner recently deceased. I was able to pick up out of probate

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

Equity gain and rental cashflow.

How did you finance this deal?

Cash

How did you add value to the deal?

Remodeling all four units. It was an intensive remodel and it turned out great. All the units were not rented for the last twenty years so quite dated and need TLC

What was the outcome?

The property is now valued at over 2 million within four months of purchases so a 400k equity gain from remodeling and getting rented.

Lessons learned? Challenges?

Watch your budget. Everything had to replaced and fixed so it ate up alot of the budget

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

Lee out of Berkshire Hathway In La Jolla