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Updated over 6 years ago on . Most recent reply
Bad Triplex deal?
I just closed on a Triplex last week and am worried I made a bad investment. I found this site after purchasing... Now with all the formulas and equations I've come across it seems I'm going to struggle. Here are the stats, All three units rent for $800, my monthly payment is $1900 including insurance, water sewer and garbage is $500 every two months ($250 a month)
Anything I can do to make this thrive? There is quite a bit of Value add things I could do but have yet to start.
Thank you
- Chantz
Most Popular Reply
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Do you have leases or MTM rentals. Are they rented at FMV or is there room to increase them? I hope you have cash reserves. One vacancy and your cash flow is negative. Two would be worse. What can you do to make the property more desirable and increase rents? In your post you didn't mention maintenance, CAPEX, etc. From the numbers you posted it looks very tight. How did you finance? Can you refi to reduce your payments?