Updated about 5 years ago on . Most recent reply
Duplex in Frankfort, KY
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $67,500
Cash invested: $85,000
Duplex purchase direct from Owner.
What made you interested in investing in this type of deal?
Needs some improvements. Will have high cash flow for the price point. Own another property nearby.
How did you find this deal and how did you negotiate it?
Tipped off by a wholesaler.
How did you finance this deal?
Cash with intention to mortgage the property after tenants are in place
How did you add value to the deal?
The owner needed to sell quickly for cancer treatment costs so I did cash to expedite the sale. I split cost of new A/C & furnace on both sides with seller. I will improve the vacant unit to bring up to market rents.
What was the outcome?
Have a cash flowing property that will have many of the major capital expenses taken care of already
Lessons learned? Challenges?
Buying from afar can have some extra challenges if I don't have multiple people doing walk throughs. Definitely a few unexpected things that were seen after tenant vacated that were not anticipated repairs. All in all it will be cash flowing property but a little more money into repairs than hoped (shocker!).