Property acquisition - Duplex in Columbus OH.

[Derrick Deese]

Investment Info:

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

Purchase price: $125,000
Cash invested: $31,250

3BR / 1.5 BA Duplex acquisition. Renovated one side and increased rents $175. Will renovate the other side to increase rents as well.

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

Cash flow potential and appreciating area.

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

Off market deal, texted the owner and went into contract via text.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

Renovating units - updated paint throughout, updated bathroom tile, fixtures, vanity, exterior curb appeal. Will update windows and roof at later time.

What was the outcome?

Closed and fully occupied!

Lessons learned? Challenges?

Off market deals take more effort, but can potentially be more fruitful!

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

NFM Lending was the lender and had a smooth process for this particular transaction.

[Derrick Deese]

@Will Fraser the seller had previously listed on the MLS then removed the listing. I searched the Franklin county property records and found the seller, then started googling the name + email or cell phone. The renovation for the side that turned over was mostly cosmetic and was ~$5K labor+materials.

@Marc Ricethis was in the east moor neighborhood. 

@Remington Lyman thank you!

@Steven wilson I agree on the off market deals. 

@Christopher Hillthank you, keep at it!

@Steven Foster Wilsonundefined