Multifamily Duplex purchase

[Jordan Lassiter]

Investment Info:

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

Purchase price: $110,000
Cash invested: $30,000

Wonderfully remodeled duplex in Albemarle. 2 large bedrooms on each side with one bath. Hardwoods have been restored. Separate drive. Glassed in back porch with a large yard. New roof in 2016 as well as an ac unit. Great income producing property.

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

Personally we love multifamily. The more doors the better and this was a off market deal brought to us so it was effortless on the buying end and not worrying with any competition. Most duplexes don't last a day on the market in our area

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

This deal was brought to us by our property manager off the market. This deal alone shows how valuable networking is to get the proper amount of deal flow

How did you finance this deal?

conventional loan for 30 years, 2.75% at 25% down

How did you add value to the deal?

We updated one side with new paint, blinds and had a new heat pump installed. We also installed a washing machine hook up in the laundry room and removed it from the kitchen

What was the outcome?

We renewed the lease of one tenant and put a new tenant in the updated unit.

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

Yes we worked with Kimberly Lambert with four seasons reality. They also manage our properties