From drug house to little diamond. Triplex BRRRR!

[Breanne Weber]

Investment Info:

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

Purchase price: $99,000
Cash invested: $75,000

We have really turned this one around. We picked it up with the local drug dealers living there. They think they trashed the place when they left but it was so disgusting we planned on gutting it anyway. Now it has been one of our most stable properties and a delight to manage. I can not preach enough the importance of good tenant screening.

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

It cash flowed as is, and I wasn't afraid to roll up my sleeves and do the work myself.

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

I found it from a Wholesaller and didn't negotiate the price because I knew it was a good deal.

How did you finance this deal?

Hard money and a privet investor. My partner and I only brought 2k each to the table and have refinanced every penny out now.

How did you add value to the deal?

Renovating the inside. full foundation replacement, full sewer replacement, and cosmetic updates.

What was the outcome?

It is still my favorite property to this day. Cash flows great and is so easy to manage.

Lessons learned? Challenges?

Don't try to work with bad tenants. Get them out and move on.

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

We used Corridor funding on this one they have been great to work with.