Duplex in the Carondelet neighborhood in St. Louis, MO

[Bennie Williams]

Investment Info:

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

Purchase price: $65,500
Cash invested: $32,000

2-Family, 1bd/1/bth units

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

It was a good value add deal.

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

MLS and negotiated the price with a realtor

How did you finance this deal?

Hard money and will refi into a 30 year.

How did you add value to the deal?

Upgraded the electrical to 200Amp. Added central AC and various cosmetic upgrades

What was the outcome?

I was able to increase the value of the property 30% and increase rental rates for both units.

Lessons learned? Challenges?

Hire the correct GC! I had to go behind the original GC and correct a ton of cosmetic issues. Also, hire a local project manager to keep an eye on the GC. And never disburse payments until everything is 100% correct. Never just take the GC's word for it.