Updated over 5 years ago on . Most recent reply
My first triplex in Shickshinny PA
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Shickshinny.
Purchase price: $54,000
Cash invested: $30,000
Nice Triplex
2-1 bedrooms first floor
1-2 bedroom 2nd floor
What made you interested in investing in this type of deal?
Within our budget. Wanted to expand our portfolio. Within 30min drive.
How did you find this deal and how did you negotiate it?
Found the listing on the MLS. Was listed for a while and the owners inherited it from a sister that passed away. Got it for 20k less
than they what they were down to.
How did you finance this deal?
Using a local bank bought it using the equity form a sfh for the down payment. Commercial loan 15 year 5 ARM. After remodeling the bank reappraised and released the sfh.
How did you add value to the deal?
Added off street parking. Completely renovated one unit. Updated the other 2.
What was the outcome?
Have a little more $$$ than I thought but it’s cash flowing well. Purchased for 54k have about 35k invested (using banks $$). Appraised for 136k. Got a extra lot with the property and just sold the lot for $4,500
Lessons learned? Challenges?
I do all my own work and the carrying cost add up quickly when renovating.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My local banks easy to deal
with, First Keystone Community Bank.
Most Popular Reply
Congrats on the triplex! That’s a nice appraised value after repair.