Buy and Hold triplex finally at full occupancy:)
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Baltimore.
Purchase price: $349,000
Cash invested: $50,000
This is a triplex that we bought under our LLC as a buy and hold. Units 2 and 3 were occupied, and unit 1 was a mess. We fully renovated Unit 1 and now how someone enjoying the space.
What made you interested in investing in this type of deal?
I am interested in small multifamily buildings in good neighborhoods. My main strategy is buy and hold and this property fit into my goals perfectly
How did you find this deal and how did you negotiate it?
I am a licensed real estate agent in MD and I worked with a couple of my agent partners to find the deal and negotiate with the seller. It was a in a neighborhood that I was interested in, and the fact that the first unit needed significant work made it the ideal opportunity to be my first BRRRR property.
How did you finance this deal?
I put in $50,000 cash and $50,000 from a HELOC that I have on one of my other properties in DC
How did you add value to the deal?
By renovating unit 1 that had been vacant for several years due to neglect/disinterest by the previous owner.
What was the outcome?
The building is now fully occupied, running smoothly, and I pan on keeping it indefinitely
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrew Pariser of Long and Foster was a wonderful help in assisting me to find the property and negotiate the deal