Out of State - Triplex BRRRR

[Maurice Blackledge]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $25,000
Cash invested: $27,000

BRRRR property, purchased with HELOC and currently going through refinancing.

Purchase: $25k
Rehab: $95k
ARV: $125k
Rents: $2600

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

Great opportunity in a growing area near my other properties.

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

Found on MLS after a previous offer fell through.

How did you finance this deal?

HELOC

How did you add value to the deal?

Rehab each unit, total rehab

What was the outcome?

Completed rehab, rented out units and now refinancing.

Lessons learned? Challenges?

As an out-of-state investor, communication and being clear on expectations are key when you aren't there to monitor everyday activities. Setting clear expectations is important so you know how to measure success along with those around you. Also pay attention to warranties and how long work is guaranteed by the contractor, and hold them to it if something isn't done correctly.