Updated about 3 years ago on .
The First TriPlex
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $220,000
Cash invested: $45,000
I found this 3 unit on the MLS. The seller had just finished flipping the units. All 3 units have new flooring paint and appliances. The front is a 3 bedroom 2 bath. In the back we have 2 one bedroom units. This was bought well into the pandemic and the sellers were happy to get me a discount.
What made you interested in investing in this type of deal?
Cash flow is our focus and this one is coming through very nice
How did you find this deal and how did you negotiate it?
Found on the MLS
How did you finance this deal?
FHA
How did you add value to the deal?
I had great tenants screened and placed stabilizing the units. I did inherit 2 tenants in the 1 bedroom units.
What was the outcome?
Still owned today. 3 bedroom is rented near top of the market. One of the 1bedroom units is getting ready to vacated and I will turn this into my first mid-term rental.
Lessons learned? Challenges?
Screen your own tenants. Non renew unscreened tenants asap.