Turnkey duplex, class C area, Massillon Ohio

[Dan Haizlip]

Investment Info:

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

Purchase price: $82,900

Turnkey duplex, class C area

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

This type of property is in my wheelhouse, as I understand the month-to-month expenses very well. This one had the benefit of a long term tenant as the property's maintenance man, licensed and insured.

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

I'm on an agent's MLS list and this came across my desk one day. Cost to rent ratio meant that this would go quick, so I called him to set a viewing time and hoped into my car. Sure enough, there were six offers within a day. I put an acceleration clause into an offer over asking, but within where the numbers made sense, and kept the contingencies to the standard minimum. I was second in line, but they accepted my offer for less than the max and less than the competition.

How did you finance this deal?

I went to a local credit union I happen to be a member of.

How did you add value to the deal?

The handyman's side has been upgraded by him. I will use him to make similar upgrades to the other side.

What was the outcome?

Buy, hold, rinse, repeat

Lessons learned? Challenges?

This is the first time I had used an acceleration clause. I had actually never heard of one, but my agent suggested it. It pays to work with an agent that understands the investor mindset and can think outside of the box.

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

Absolutely, if you are working in the Canton/Massillon Ohio area I'd recommend Joey Marino