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Updated about 4 years ago on . Most recent reply
Buy and Hold Duplex that needs some Rehab
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $123,000
Cash invested: $31,000
Contributors:
Remington Lyman
Buy and Hold that needs some rehab (mostly cosmetic) in a gentrifying area. Traditional financing.
What made you interested in investing in this type of deal?
I've been looking to add additional multi-family units to my portfolio. I like this area that sits between two very nice parks and is seeing lots of investor attention as it gentrifies.
How did you find this deal and how did you negotiate it?
Remington Lyman found it for me and I got it into contract as fast as possible and did have an inspection period on this.
How did you finance this deal?
Traditional financing with 25% down.
How did you add value to the deal?
One side is occupied the other is vacant. Both sides need rehab and updating. I will be updating the vacant side and renting as soon as possible. I will then consider a rehab on the occupied side.
Lessons learned? Challenges?
The appraisal came back with subject to foundation inspection and remediation. We had to have a PE go out and draw up plans and have a GC put beams in. This was a painful process to work with the sellers during a contract period and required multiple contract extensions, but it was eventually completed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent: Remington Lyman
Lender: Chris Wharton
GC: Mario Siravo
Most Popular Reply
Originally posted by @Alex Heidenreich:
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $123,000
Cash invested: $31,000
Contributors:
Remington Lyman
Buy and Hold that needs some rehab (mostly cosmetic) in a gentrifying area. Traditional financing.
What made you interested in investing in this type of deal?
I've been looking to add additional multi-family units to my portfolio. I like this area that sits between two very nice parks and is seeing lots of investor attention as it gentrifies.
How did you find this deal and how did you negotiate it?
Remington Lyman found it for me and I got it into contract as fast as possible and did have an inspection period on this.
How did you finance this deal?
Traditional financing with 25% down.
How did you add value to the deal?
One side is occupied the other is vacant. Both sides need rehab and updating. I will be updating the vacant side and renting as soon as possible. I will then consider a rehab on the occupied side.
Lessons learned? Challenges?
The appraisal came back with subject to foundation inspection and remediation. We had to have a PE go out and draw up plans and have a GC put beams in. This was a painful process to work with the sellers during a contract period and required multiple contract extensions, but it was eventually completed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent: Remington Lyman
Lender: Chris Wharton
GC: Mario Siravo
Great buy here in Columbus, Ohio! Congrats!
- Remington Lyman
