Duplex - Renovate and Hold

[Carter Still]

Investment Info:

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

Purchase price: $195,000

Duplex in urban core OKC. Purchased off market, put $56,000 into repairs and renovations. Started as an airbnb, but pivoted during pandemic and now have each unit leased long term for $1250/mo. Nets about $650/mo, and recently appraised for $324,000.

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

Off-market, traded offers with seller

How did you finance this deal?

Out of state partner paid down payment + closing + holding costs, bank loan for renovations and rest of purchase. Completed a cashout refi to get cash partner ~50% of his cash back.

How did you add value to the deal?

Cosmetic upgrades (refinish floors, paint, countertops, tile, vanity, toilet), Repairs of plumbing, HVAC, windows, water heaters. New Amenities of stacked W&D machines in each unit, added a second driveway so each unit has it's own parking

[Carter Still]

@Ben Scott at that time it was sort of luck honestly... a GC connected us with an off-market deal to get work from us, while working on it an owner of two, neighboring duplexes (1 block from Paseo district.... so lucky), saw what we were doing and liked that we were restoring rather than erasing, and gave us a shot at buying his two vacant duplexes. We bought each for $195K in 2018. Now, I have an intentional effort to find new deals, and do so either by cold calls or networking with neighbors in areas I own property.