CASE STUDY

LANDIS DUPLEX
LANDIS, NC

After a year of struggling to obtain financing, we officially entered the rental business in the Spring of 2013. This property was purchased off-market from my first real estate mentors who I've since become great friends with. At the time of purchase, there was one resident renting for $350 per month.

CHALLENGES BEFORE ACQUISITION: 

  • Below Market Rent

  • Minor Exterior and Interior Deferred Maintenance

  • 50% Vacancy Rate

VALUE PLAYS AFTER ACQUISITION:

  • Bought Right by Finding Off Market Deal

  • Renovated property with Minor Cosmetic Repairs

  • Filled Vacant Unit at Market Rents

  • Increased Rent on Existing Unit         

RESULTS AT THIS TIME:

  • Purchased for $48k

  • Increased Rents from $350/mo at Acquisition to $850/mo

  • Cash-on-Cash Returns 40%+