Out of State - Triplex Buy and Hold via 1031

[Maurice Blackledge]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $130,000
Cash invested: $28,000

Purchased this one via 1031 exchange out of a SFH.

Purchase : $130k (triplex)
ARV: $160k
Rent: $1,740, excluding utilities

What made you interested in investing in this type of deal?

Cash flow mainly, and in an area that's prime for growth yet has a smaller town charm.

How did you find this deal and how did you negotiate it?

Found this one on MLS, it had sat for a bit which helped with negotiating for a great price.

How did you finance this deal?

Financed with DSCR lender using funds from a 1031 exchange.

How did you add value to the deal?

This one was rent ready but I did purchase under market value to capture some instant equity

What was the outcome?

Closed after a lot of back and forth and time and 3 extensions!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with a local agent who is great!