2nd out of state investment Property!

[Adriese Williams]

Investment Info:

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

Purchase price: $55,000
Cash invested: $25,000

Huge Triplex, 2nd out of state property investment! 3 units ( 3/1, 2/2, 2/1) One unit already rehabbed, just got a tenant in place. 2nd unit inherited a tenant, 3rd unit awaiting rehab. Should cash flow over 2k per month.

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

Price, A multifamily for less than 60K with 1 unit already renovated!

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

MLS, targeting rental friendly markets

How did you finance this deal?

Cash and a college buddy partner

How did you add value to the deal?

Renovating 2 units

What was the outcome?

Plan on having all 3 units occupied by early 2022, Will refi-cash out and buy some more property and pay down some debt.

Lessons learned? Challenges?

State of Mississippi, city of Jackson, enough said, but a lot of potential and opportunity from what I can tell. Took a visit and will buy more property there.

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

Local Real estate agent