Triplex conversion and a lot of learning

[Neil Ginty]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $288,000
Cash invested: $310,000
Sale price: $675,000

Single family to triplex conversion
Not far off a full BRRRR on our first go!

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

Existing layout made existing single family relatively easy to convert to a triplex

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

MLS... it was a house that no one wanted that we saw value in. It was on the market a long time and had tonnes of issues, all of which helped us

How did you finance this deal?

Conventional

How did you add value to the deal?

Converted to a triplex

What was the outcome?

Almost a full BRRRR
17.7% annual cash on cash return
And excellent appreciation

Lessons learned? Challenges?

Everything. This was our first project so learned the whole lot. Negotiations. Dealing with construction issues. Appraisals. Setting the right rent. What tenants actually want (parking!!)

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

Yes
Ruben Haynes