Richfield RD First Duplex

[Jacob Wutke]

Investment Info:

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

Purchase price: $67,000
Cash invested: $65,000

This property was our first investment and was quite an adventure. Big lessons were learned on rehab budgets and how things can just "come up". We knew going into the property that it was going to need everything. What we didn't know was that the property was also completely infested with termites. The entire property had to be re-framed one section at a time. While the process was tedious we now have a property that is like new and will cashflow for years to come.

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

This one was nearby and needed considerable work. On my first few properties I wanted to do most of the work myself to have a better awareness of the overall process when working with contractors.

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

This deal was found on zillow and negotiated with the seller

How did you finance this deal?

We had initially paid cash and refinanced into a traditional 30yr loan

How did you add value to the deal?

The property was completely gutted and rehabbed from the ground up

Lessons learned? Challenges?

Renovations will always throw curve balls at you. Getting good at "rolling with it" and just dealing with things as they come up is very important. Adapt and overcome.