West side Grand Rapids Duplex

[Nick Paquet]

Investment Info:

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

Purchase price: $175,000
Cash invested: $45,000

Duplex on the West side of Grand Rapids just off Bridge Street. Fully renovated the downstairs unit while maintaining tenants upstairs. Once, fully renovated, expected to cashflow at $1,600/mo.

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

Was able to house hack this duplex. With existing tenants in one unit, it made it a lot more affordable in the short term.

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

MLS.

How did you finance this deal?

15% down conventional financing. Used Private money to renovate.

How did you add value to the deal?

The only entrance to the downstairs bathroom was through a bedroom. I moved the door to come through the living room. Completely gutted the kitchen and bathroom.

What was the outcome?

Downstairs unit (3 bed 1 bath) rents for $1,500/month.

Lessons learned? Challenges?

Had a blast renovating and would love to do more!