Out of state rental

[Robert Woodyard]

Investment Info:

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

Purchase price: $151,000
Cash invested: $36,000

Out of state triplex buy and holt for long term rental. Currently taking in $1950 a month in rent. Plan to light rehab and raise rent if/when current tenants start leaving.

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

Wanted to start adding cashflow and building a portfolio.

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

Found through a realtor. 25% down conventional loan. Ended up getting price reduces and seller credits in order to conduct some repairs.

How did you finance this deal?

25% down conventional.

How did you add value to the deal?

This will be a slow burn project. Currently all 3 units are rented and I won't do any value add until one leaves.

What was the outcome?

PM is in place, property is cash flowing.

Lessons learned? Challenges?

This is my first out of state purchase so it was weird to buy a property without ever seeing it. My team in OH is great though and made it more of a learning opportunity than a challenge.

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

Yes. Patrick Drury (Realtor). He was awesome.