Atlanta's Ugly Duckling

[Cristina Mineo]

Investment Info:

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

Purchase price: $450,000
Cash invested: $30,000

This is my first investment property! Thank you to BiggerPockets for inspiring and teaching me! We purchased this two family house for $350,000 and got a renovation loan from the bank for $100,000. The ARV came back from the bank at $503,000! I am excited and grateful! I hope to airbnb both units. All recommendations are welcome!

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

I had a goal of only using $50K cash on this deal in total (including downpayment, furnishing, and renovation)

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

My real estate agent, Jonathan Rich, was INCREDIBLY helpful during this process. As an experienced investor himself he understood my goals and my boundaries. If anyone is looking for an agent in ATL I cannot recommend him more.

How did you finance this deal?

We got a renovation loan from the bank. We only put down 5%. The bank was very flexible with us as this was our first time buying any property and we don't have any other debt.

How did you add value to the deal?

We raised the value of the home from $350K to $503K after putting $100K of work into it. The home was not attractive to the average homeowner from the outside.

Lessons learned? Challenges?

So many lessons learned! I have a note that I keep on my laptop pf things I will do differently next time. one of the main things being to cage my HVAC units as soon as I close on the house. Both of our units were stolen during construction! That was a hard lesson learned.