NH Triplex with Significant Value Add Opportunity
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $197,500
Cash invested: $57,986
We acquired this vacant three family property in July '18, updated the units, and got it cash flowing quickly. We couldn't have asked for a better BRRRR scenario.
What made you interested in investing in this type of deal?
Our interest and passion is multi-family BRRRR properties.
How did you find this deal and how did you negotiate it?
Surprisingly, this property was on the MLS and our first offer was accepted.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
Simple cosmetic updating - LifeProof flooring, paint, ceiling fans in living room and bedrooms, electrical switches/outlets, and updated light fixtures. There's space to build out another apartment as well as a potential office space in the basement with a zoning adjustment.
Lessons learned? Challenges?
Didn't finance the rehab, did most of the work ourselves nights & weekends, used conventional financing (expensive @ 25% down).
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Siobhan Bennett @ Keller Williams in Bedford, NH (http://sbennett.yourkwagent.com/) and contractor Michael Mayo, owner of Your House Remodeling in Concord, NH (http://yourhouseremodeling.com/YHRLLC/Welcome.html)