Updated over 9 years ago on . Most recent reply
Just closed doors 6,7,8
Hi all,
Happy to say that after an interminably long deal we finally closed on a triplex in Syracuse today. Paid $95k but the place needs a new roof ($20k for main house and freestanding garage). Overall the rents are below market since it needs a fair amount of work. This will be a long-term buy and hold that we fix and improve as units turn over. One unit is empty now and the other two are long-term month-to-month tenants. It was another no money down deal as we used our HELOC for the down payment. Going to sit tight and focus on fixing it up over the winter with the intent of being in a position to purchase again in the spring.
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Congrats !! I just closed on 7&8 this month so I know your feeling. We were under contract for about 108 days.
Only 10-15 more units and you're budget will be so messed up that you may have to retire to try to have time to fix it or at least that's my goal.
- Aaron Howell
