Unique Three Unit with extra Land near Downtown Columbus

[Steven Foster Wilson]

Investment Info:

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

Purchase price: $163,000
Cash invested: $41,200

Duplex + Single Family + vacant lot next door = 1 awesome property.

This property came on the MLS and appeared to be an over priced duplex for the area, however after looking at it closely the photos showed an extra house on the back side of the lot, then pictures of an extra lot next door that was included. This property was listed as cash only, however we negotiated and were able to use bank financing for this deal.

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

This deal was interesting for the fact that it came with two buildings on the same plot, as well as an extra plot next door.

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

I Found this deal on the MLS. However I had to work fast in order to get it. I was able to negotiate it from a cash only offer, to bank financing by offering full price.

How did you finance this deal?

I used a local bank heartland bank to finance this deal with a 7 year ARM over 30 years at 4.3%.

How did you add value to the deal?

We are in the process of adding paint, new fixtures, and adding some modern twists to this old property. Also we are increasing rent.

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

Carson Thrush through Keller Williams. He is a local RE investor and agent.