Temple Triplex Investment

[Dan Powers]

Investment Info:

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

Purchase price: $99,000
Cash invested: $350,000

This is a fantastic multi family opportunity I sold my main contractor that came with stamped and approving plans and permits to build a new construction triplex in the heart of Temple. With plans calling for a 3/3 unit and 2-2/2 units and similar triplexes trading north of 750k this is a home run investment to keep in his portfolio.

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

What made my investor interested in this deal was the fact that the land was coming with all the plans and permits. If you know anything about building in Philly the plans and permits can be the hardest part of the project with it often taking many months to get everything in place just to be able to start construction. Having this in place already saved my investor money but more importantly time and made it possible to start construction right away.

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

Deal was sourced through New Western and sold at a first come first serve basis.

How did you finance this deal?

Deal was financed through IFundCities.

How did you add value to the deal?

Value is being added by building a new build triplex on a vacant piece of land.

What was the outcome?

The outcome is a fantastic project that just wrapped up construction and got renters in place within a week of listing. With 3 bed renting for 1800-2000/month and 2 beds renting for 1400-1600/month this is going to be a cashflow monster bringing in over 5000/month!

Lessons learned? Challenges?

Nope, smooth sailing on title, financing, and closing.

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

Dan Powers - New Western