Yellow duplex + carriage house deal

[Jill F.]

Investment Info:

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

Purchase price: $88,000
Cash invested: $8,800
Sale price: $88,000

duplex (2 bed/1.5 bath) "carriage house" (2 bed/1bath) painted yellow, with road stripe yellow trim-- Why santa clause WHYYYYYY????? 75%

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

Good deal - 22k per unit rented at 600, 560, one vacant. We like value add deals, this house had original hardwoods, built-in corner and window seat in dining, pretty casement windows.

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

MLS - Several deals fell through because due to uniqueness of the property appraisers couldn't comp it for conventional residential financing. Our commercial lender didn't have any problem.

How did you finance this deal?

financing from regional lender at 5.75, 15% owner financing for 6 years at 6%, 10% down.

What was the outcome?

We redid floors and kitchen and rented vacant unit for 750.00

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

yes. Kathy Mansfield-Kimble (Re-max), Lee Fitzsimmons Wayne Savings