Investment Info:
Small multi-family (2-4 units) other investment.
Purchase price: $230,000
Cash invested: $30,000
This is a Duplex.
I currently live in the top floor 3 bedroom, 2 bathroom portion of the property.
I have remodeled the lower 1 bedroom, 1 bathroom unit and I am currently renting it out on Air BnB.
I am able to cover my mortgage and utility expenses with the rental income.
What made you interested in investing in this type of deal?
To offset my monthly expenses, build equity, and ultimately purchase more properties.
How did you find this deal and how did you negotiate it?
I found this deal on Zillow. The property was undervalued and I made an offer for $5,000 over asking price the day after it was listed.
How did you finance this deal?
CMG Financial.
How did you add value to the deal?
I put a lot of hard work into renovating the Air BnB portion of the property which was in very bad shape.
What was the outcome?
I now have an Air BnB that generates approximately $1,300 per month. I also receive $400 per month from my roommate.
I am currently profiting about $100 per month from the house that I live in.
Lessons learned? Challenges?
I learned how to efficiently manage an Air Bnb. How to spot a great deal that most would overlook. How to budget while actively investing in renovations to a property. How to renovate many parts of a house.
