Seattle, WA · Member since 2018 · 6 posts · 2 votes
I have tri-plex under contract for what I think is a good deal. 30k under asking price and closing cost covered. I would cash flow $1000+ if all units are rented out, not including the possible PM fee or savings for repairs. Also, 3.5 percent down and I will be living there for at least a year.
Pending a real inspection, my initial walk-through the property looks modern and up to date. I don't plan on selling this ever but never say never. This is in the Everett area.
My worries about this tri-plex are it's right next to the freeway and could be hard to sell in the future.
Anyone out there got experience in this. If this was my real home, for sure would not buy.
Flipper/Rehabber · San Marcos, TX · Member since 2016 · 128 posts · 38 votes
6y
I wouldn't worry about it being next to a freeway most renters will like the easy access to the freeway. An investor will buy based on the returns and rental history. Now, if this was a single-family house I would worry about it but this is an investment property.
Flipper/Rehabber · San Marcos, TX · Member since 2016 · 128 posts · 38 votes
6y
I wouldn't worry about it being next to a freeway most renters will like the easy access to the freeway. An investor will buy based on the returns and rental history. Now, if this was a single-family house I would worry about it but this is an investment property.
Real Estate Agent · Warrior Run, PA · Member since 2016 · 341 posts · 146 votes
6y
Remember, its a rental...you don't have to live there. As was said already, if this was a single family id be cautious, but seeing as its a rental, I don't think it will matter to much. If the numbers work, that's what matters.
as for your exit strategy, buy right and selling shouldn't be a problem. Most others investors see the numbers before anything else....they will be the ones you sell to in the future.
I am curious though...3.5% down and still cash flowing 1000$ per month?! what do the numbers look like?
Seattle, WA · Member since 2018 · 6 posts · 2 votes
6y
@Nicholas Weckstein it will cash flow once I move out. Looking at $700-1000+ cash flow depending on the rent. Current tenants are paying below market rent. I will be close to even when I’m living there.
Real Estate Agent · Warrior Run, PA · Member since 2016 · 341 posts · 146 votes
6y
AWESOME! house hacking can be great! takes a bit of getting used to. can be a great way to get into properties. So I guess you WILL be living there lol..but its not forever and if the numbers work and there's value add ...go for it!