Dated Colonial Home and Garage converted into 2 STR units

[Beau Matlock]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $290,000
Cash invested: $80,000

We took a dated Colonial style home with a detached 2 car garage and converted it into 2 cash flowing units (STR'S)
Location was paramount as its next to Grand Park ( Largest amateur sports complex in the midwest) and in an A+ area In terms of growth and average sales price. We over paid for the property, but the reward was to good enough to justify this move.

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

Initial purchase price was really nowhere close to what we look to do, however, Westfield is growing at a substantial rate. Coupled with the fact that Grand Park (Largest amateur rec center in Midwest) is 200 yards away, it made our decision much easier. It was the perfect set up as we converted the garage to a 2BR/1BA rental and the main home is a 4BR/2.5BA, Each can be rented independently or together for a larger "TEAM STAY"

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

Closed in 24 days, price reduction was 17k from list price. they knew what they were sitting on

How did you finance this deal?

Conv Mort

How did you add value to the deal?

Sourced the property, finalized the deal, project manage to finish

What was the outcome?

A fantastic dual income STR

Lessons learned? Challenges?

None so far

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

myself