Latest Buy and Hold in South Georgia

[Mike Terry]

Investment Info:

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

Purchase price: $157,500
Cash invested: $33,000

Picked this one up off market with a pocket listing from my realtor and property manager. The rents are significantly under market... I own two other duplexes across the street that rents are $200 more a door. So it's is not a great cashflow buy yet, but will at least cashflow $300 a door after stabilized and rents are up to market. It is in good shape only needing minor repairs and maintenance. I like these they were built in 2007 so Cap ex is minimal for a few more years.

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

Numbers made sense.

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

Realtor

How did you finance this deal?

commercial loan

How did you add value to the deal?

none yet. waiting to bump rents.

What was the outcome?

TBD

Lessons learned? Challenges?

Get a termite and pest inspection if you are in area affected by wood destroying insects. We caught a young infestation before much damage was done and now were protected by a renewable bond.

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

Tommy Cangelosi Georgia Florida Real Estate Services