2 Family BRRR in RI started in 2010

[Matthew Kinch]

Investment Info:

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

Purchase price: $113,000
Cash invested: $80,000

Very ugly purchase with very solid bones. Rip off the front deck, add columns, siding, windows, roof, add driveway, refinish floors, rewire entire house, re plumb 90%, board/plaster/paint, Rent. Today this home is worth around $350,000. I intend to do a cash out refi in a few months just to provide more cash for investments and private lending.

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

Cash Flow and immediate equity.

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

Broker called me after her clients inherited a dilapidated home.

How did you finance this deal?

Local bank

Lessons learned? Challenges?

Make sure you are always familiar with market rent as years go by. Rent has been rising in this area faster than I've been raising it.

[Matthew Kinch]

@Anthony Thompson Yes you are correct it is in the Darlington area. We have 6 2-families in Darlington. One just sold at 209 Suffolk Ave for $335,000. The property was clean and well maintained but could use a few updates.