4plex value add during COVID in Carson City - Buy and Hold

[Kristi Kandel]

Investment Info:

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

Purchase price: $374,000
Cash invested: $105,000

4 plex remodel

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

Great rental market with almost 0% vacancy

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

Redfin and negotiated with the seller to be flexible while finding a house to relocate to prior to the purchase (included rent back to seller terms after closing)

How did you finance this deal?

Residential loan

How did you add value to the deal?

Updated all 4 units and the exterior and then rented out the 4 units

What was the outcome?

Max rents during even during the most volatile time of covid (May 2020) and really good tenants who have all renewed leases.

Lessons learned? Challenges?

This deal was our ? to see how renters were impacted during covid but this one worked out fairly smooth all things considered. (not like another deal during this time)