Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $545,000
Cash invested: $545,000
New Construction Duplex - Beautiful Design and very nice curb appeal. 3 bedrooms 4 bathroom - All bedrooms have private bathrooms.
What made you interested in investing in this type of deal?
Waco Texas is a known city that has a very good Private College, Baylor University. Also Chip and Joann Gaines and put this town on the map with their show on TV. I have known many people go to Baylor and the need seems to be there for rentals.
How did you find this deal and how did you negotiate it?
I found it researching online after many months. I worked with the listing agent on the property.
How did you finance this deal?
Cash purchase, 1031 Exchange
How did you add value to the deal?
I will be furnishing one side for now and leasing to a mid term rental until i get a property management company that will work the property or get it leased out to students
What was the outcome?
First off I took the realtors suggestion and listed with the property management company he promoted to me. This property has been sitting empty for over 5 months and the management company seems to not have a lot of interest. I am looking for a new management company to go with.
I listed on Furnished Finder and leased one side out in 1 Day. on day 3 now and have many people interested. Getting the application and fee for the first lease completed now.
Lessons learned? Challenges?
Yes, Always stay on top of your properties and/or investments . I have learned once again, No one cares about your properties like you do. I knew that but seem to always want to be reminded. LOL
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Unknown
