Third property for Rent and hold

[Mark Mitchell]

Investment Info:

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

Purchase price: $105,000

Property includes two SFR houses on an acre of land. One is a 2/1, and the other is a 3/2. Both had tenants, and rents were low. Both are in process of renovation. The smaller house required extensive renovation, which is now complete. One tenant has left, and the other is going to move from the larger house to the smaller, while the larger house is renovated. Those tenants are a retired couple, and are happy with downsizing, and getting a newly renovated house for less than their previous rent.

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

Has two houses on 1 parcel, rents could easily be significantly increased after value add.

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

Wholesaler in local area.

How did you finance this deal?

Hard money to buy. Working with our portfolio bank lender for refi as soon as renovation is done.

How did you add value to the deal?

Renovation of both houses.