2nd out of state investment Property!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Jackson.
Purchase price: $55,000
Cash invested: $25,000
Huge Triplex, 2nd out of state property investment! 3 units ( 3/1, 2/2, 2/1) One unit already rehabbed, just got a tenant in place. 2nd unit inherited a tenant, 3rd unit awaiting rehab. Should cash flow over 2k per month.
What made you interested in investing in this type of deal?
Price, A multifamily for less than 60K with 1 unit already renovated!
How did you find this deal and how did you negotiate it?
MLS, targeting rental friendly markets
How did you finance this deal?
Cash and a college buddy partner
How did you add value to the deal?
Renovating 2 units
What was the outcome?
Plan on having all 3 units occupied by early 2022, Will refi-cash out and buy some more property and pay down some debt.
Lessons learned? Challenges?
State of Mississippi, city of Jackson, enough said, but a lot of potential and opportunity from what I can tell. Took a visit and will buy more property there.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Local Real estate agent
