Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 9 months ago on . Most recent reply

User Stats

1
Posts
1
Votes
Brandy W.
1
Votes |
1
Posts

Off market, seller financed triplex. What next?

Brandy W.
Posted

I found an off market deal. A triplex fully rented out that currently generates an income of 3K. Once I fix it up I’m certain I could get up to 4K. The seller has agreed to a purchase price of 250K with 30K down. I have 11k cash and the rest I’m taking out if my 401k. I’ll pay a monthly agreed upon amount to seller and have one year to pay off the full amount/find a loan. At that point I’ll pay back my 401k loan, pay the seller and save the rest for repairs.

I’m beyond excited because it’s been my dream to get into the real estate game. I just want to make sure I’m doing this right. What are some next steps or things to anticipate that I might not see coming? I have not seen the inside of the place because it’s fully occupied by tenants. I don’t know what the interior condition is like. I know the roof was recently replaced and the largest unit 4b2ba has had some upgrades done. Outside of the property looks good

The zestimate is saying the property value is around 234,000. And the Redfin estimate is valuing it at 346,308. Should I still get an appraisal? Is there a way to see the interior of the space to get a full picture? 

I’d love any advice or insights. This is my very first home and I can’t wait to be a home owner. 

Thank you. 

Loading replies...