Updated about 5 years ago on . Most recent reply
BRRRR Duplex in Richmond, VA
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Richmond.
Purchase price: $280,000
Cash invested: $100,000
69% post rehab to ARV with 2 units rented for a total of $3,200/mo. Will pull out the costs basis of 380K to underleverage this duplex and cashflow $643/mo after vacancy, maintenance and cap ex.
What made you interested in investing in this type of deal?
I have 3 single family rentals and this was a good first step towards MFH.
How did you find this deal and how did you negotiate it?
Off-market. Paid asking since it was so much of a slam dunk.
How did you finance this deal?
Cash with a private bridge loan fund to pull capital out of other projects before the 6 month mark.
How did you add value to the deal?
One unit is fully gutted and vacant, and another is rented for $900/mo with a renovated rental around $1600/mo. I also am adding a bathroom in each unit.
Most Popular Reply
@Charles M. Count me interested in this deal as well! I'm just getting started on the education front through books and all of the BP podcasts, but would love to hear about your project in action when you send out a message in November, Charles. Great work!