Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $660,000
Cash invested: $140,000
I purchased this property as a single family home and invested about $60,000 into updating it. Now I am converting the garage into a studio apartment. The goal is to eventually rent the main house out for the price of the mortgage (with hopefully a little cash flow) and to get about $2,000 a month from the ADU I am building in the garage.
What made you interested in investing in this type of deal?
After reading some literature, listening to the podcast, speaking with peers, and getting to know the San Diego market, this sort of investment made the most sense for me.
How did you find this deal and how did you negotiate it?
I worked with a realtor, found the property on Zillow, and matched the highest offer.
How did you finance this deal?
I covered the closing costs and then renovation costs out of pocket and financed the Mortgage through Mr. Cooper.
How did you add value to the deal?
I have completly flipped the inside of the single family home (abated for espesdos, textured/painted new ceilings, painted all the walls, ripped up the carpet and installed vinyl wood flooring, updated all light fixtures & hardware in the home, and am woking to remodel that two bathrooms and the kitchen) and am building the Garage ADU.
