Updated 20 days ago on . Most recent reply
Building multi family
I have successfully completed new builds of two triplexes in rural Ohio. Total costs including property are $285,000. One refi is complete at 147,000 and I plan on the same number for the second. Renting each one bed unit at 700 per month no utilities included in rent . Current strategy is keeping payments low and cash flow high. Any thoughts on if this is the best way to do it ? I have room on this property and another I purchased across the street to build 4 more. I own a small construction company and am doing all of the work myself. I have quit my w2. I am 36 hoping to semi retire at 40.
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#2 New Member Introductions Contributor
- Real Estate Agent
- Columbus, OH
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#2 New Member Introductions Contributor
- Real Estate Agent
- Columbus, OH
You’re on the right track by keeping payments low and cash flow high. Since you’re managing construction yourself, that’s a great way to save costs. Just make sure to assess long-term rental demand in the area, especially as you plan to build four more units. Keep an eye on future rent increases and market absorption to ensure stable cash flow. Refinancing the second triplex to pull out more cash can help fund new projects. Overall, great foundation for scaling, just make sure the market can support it.