Single family converted to duplex

[Bryan Balducki]

Investment Info:

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

Purchase price: $415,000
Cash invested: $9,000

Single family converted to duplex, airbnb with 2 kitchens

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

I wanted to find a property that I could airbnb one unit and live in a private unit. This property has a separate entrance to the downstairs unit and the space to add a kitchen.

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

I found this deal on the MLS and negotiated 6k in seller concessions to cover some small structural concerns

How did you finance this deal?

I saved up for a downpayment and represented myself

How did you add value to the deal?

I added a door to the stairs to separate both units and added a kitchen to the downstairs unit

What was the outcome?

I have listed it on airbnb and already have reservations. Hoping to reach about 1k-2k over the mortgage depending on the season. The kitchen almost finished and only needs cabinets for completion.

Lessons learned? Challenges?

I learned that there is always more to fix than expected when buying an older house. Challenges include getting my contractor back to finish drywall, getting the plumbers scheduled to finish the work and supplying the furniture/supplies for the airbnb which gets costly.

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

I represented myself as the agent and used Michael Stone with Megastar Financial as my lender