South Texas Beachtown Triplex post Hurricane Harvey

[Josh Setterbo]

Investment Info:

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

Purchase price: $200,000
Cash invested: $50,000

Contributors:
Sydney Mann

2 x 1BR/1BA as long-term rentals
1 x 2BR/2BA as vacation rental/Airbnb

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

Income potential, investing in my home town following Hurricane Harvey. Many of the hotels/motels are still not in operation, so this property presented a nice opportunity for short-term rental. Long-term rentals are also scarce in Rockport following the hurricane.

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

Via Redfin and our realtor Cindy Kranzle. Negotiated 40k under asking.

How did you finance this deal?

Conventional, 20% down

How did you add value to the deal?

Updated electrical panel and simple plumbing updating. Generating additional income with short-term rental. Cosmetic upgrades.

Lessons learned? Challenges?

Managing repairs as an out-of-state investor. Working with property managers and delegating more tasks than prior properties. Offering under asking and for what we saw as an appropriate price for us.

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

Cindy Kranzle with Redfin in the Coastal Bend