Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $155,000
Cash invested: $15,700
Great Duplex in Downtown Vero Beach, Fl
What made you interested in investing in this type of deal?
I am looking to build my portfolio in residential and commercial property. When I saw this deal I knew the area and was listed under market value. I monitor a lot of properties and know of a few properties that haven't closed yet which will help with my refinance later.
How did you find this deal and how did you negotiate it?
Zillow, I dealt directly with the listing agent. I offer $5K over asking price and was able to get it under contract. After property inspection I was able to negotiate $15K off.
How did you finance this deal?
Hard Money Loan with a 2 year term. Will refinance within the year.
How did you add value to the deal?
I had planned to update the empty unit, but the day I closed I found a tenant that would move right in without doing anything. SCORE!!!! Previous tenant was paying $700.00 and I rented it for $950.00
What was the outcome?
CASHFLOW
Lessons learned? Challenges?
I only had $20K cash to purchase this property. I spoke with a lot of lenders and everyone said I needed over $30K to make it happen. I never gave up and ended closing on the property under $16K in cash
So, when someone tells you NO don't give up. I know the market and what the duplex was worth. i just kept calling till I found a lender that was willing to trust me. The BPO came in exactly where I needed it to be to make this happen.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My hard money lender did a great job for me. I would recommend them and will continue to use him. I have 2 deals working at the moment and they are busy at work. Bobby Ash at Optimus Capital
