multifamily househack sub2 acquisition

[Perry McAbee]

Investment Info:

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

Purchase price: $620,000
Cash invested: $10,000

It's a lake front duplex. We house hack this. We live in one side and airbnb the other.

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

The idea of it being an awesome place to house hack. I meet people new every week, and have gotten potential lake clients for buyers looking for homes on Lake Murray.

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

A wholesaler had the lead. Preforeclosure. Negotiated a sub2 on the underlying debt, a second lien to the seller straight interest payments, a lump sum for the seller to walk, and I paid the mortgage up.

How did you finance this deal?

Subject to, owner financed second lien, private money for gap funds (o rears and upfront cash to seller)

How did you add value to the deal?

completed and unfinished bathroom, paint, deck repairs, dock repairs, new appliances, laundry room completed, new carpet, deep cleaned, still to repave driveway and landscaping.

What was the outcome?

currently working on cash out refi.