Duplex in wilmington De.

[Leon B Buie]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $65,900
Cash invested: $60,300

Newly renovated duplex in Wilmington De.

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

Investment

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

My gf saw it on Zillow and thought I maybe interested for 55k. when I submitted my offer another person submitted an offer so I offered 65900 and got the property.

How did you finance this deal?

Hard money loan with Lima One Capital.

How did you add value to the deal?

I turned a 1 bedroom into a 2 bedroom by eliminating the dining room along with upgrading both apartments.

What was the outcome?

Its a cash generating Airbnb Duplex!

Lessons learned? Challenges?

Delaware contractors aren't aggressive or they are super expensive.

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

Lima One Capitol got the job done when it came to funding it..

[Natalie Moore]

Hello @Gavin Davie @James Masotti
Hi James, That is awesome you are investing in Downtown!  Some of those struggling areas really need an uplift, they use to be really nice.   

Hi Gavin, yes there are tax benefits, capital expense credits or grants, and other credits that they offer to draw investing in these areas.  There is a video on YouTube that explains it in more detail, its from 2015, but the plan is still in place.  It's not just in NCC, but in all 3 counties. I can't remember if we can post links on BP, but if you search YouTube you can use this code "GwLa9kDtZoA" (Title of the video is "Big Picture" presents Downtown Development District Grant Workshop).  You can also google "Wilminton's Downtown Development District map, zone or plan" and get more details.  Since Gavin invests in the area, you may want to connect with him.  Hope this info helps!

Happy Investing