Current personal REI project #4 - MF in NE Minneapolis!

[Johnny Nelson]

Investment Info:

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

Purchase price: $289,500
Cash invested: $45,000

Older duplex in a desirable area. The structure has good bones but still needs plenty of love (i.e. $$$). I'm running the rehab and even doing some of the work myself.

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

Continuing our REI pursuits from a start around year ago, this was the next deal that made sense.

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

MLS, nothing very special.

How did you finance this deal?

Construction + Purchase price loan. We'll refinance at the end of the construction period.

How did you add value to the deal?

Ongoing, but significant outside groundwork and water management issues will be followed by updated kitchens and baths in both units.

What was the outcome?

Ongoing

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

Jordan Moorehead was my agent, and he's the best!! Also Tim Swierczek was my loan officer and was absolutely key in the success of this transaction as well.