Second deal in the books

[Corey Louton]

Investment Info:

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

Purchase price: $48,000
Cash invested: $700

Contributors:
Lakesha Kirkendall

Small duplex (2 bed / 1 bath each unit). There is room for forced appreciation with multiple areas for improvement. Current rent is $650 each unit, one unit is rented and the other is in between tenants. Advertised price was $57000, after inspections and negotiations final agreed price was $48000.
Found this off market deal through my property manager; Desirable Management in Hampton, VA.

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

Found it through my property manager; negotiated the price during due diligence after inspections.

How did you finance this deal?

Private money investor

How did you add value to the deal?

in progress

Lessons learned? Challenges?

Ensure private money lender is aware of the procedures and limitations in wiring funds from their bank.

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

Lakesha Kirkendall