Clark Property Multi House and Lot

[Robert Dickenson]

Investment Info:

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

Purchase price: $110,000
Cash invested: $100,000

1939 and 1930 historic homes I restored and rent, The two story is now AirBnB and the bonus is that half of the large lot is empty. Working with the city to subdivide and build another house.

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

Well, the price and proximity to other rentals we own in the historic West Blvd Neighborhood.

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

An old friend in real estate brought it to my attention and the deal was done before it listed.

How did you finance this deal?

Cash

How did you add value to the deal?

restored both houses which were in rough shape.

What was the outcome?

Beautiful property with further opportunity if sub divide the large lot.

Lessons learned? Challenges?

Could have saved money by bidding out more work and having patience. Timing to be ready to rent in late spring is critical.

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

Yes, REMAX Results with Tiffany Knight here in Rapid City is my go to agency and agent.