Triplex in Baltimore, MD

[Timothy S.]

Investment Info:

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

Purchase price: $135,000
Cash invested: $35,000

Triplex in Baltimore, MD. Three story row house on Gwynns Falls Parkway. First and second units occupied, third floor unit vacant. Previous owner had listed for $175,000 in Feb 2019, then dropped to $150,000 in April 2019. I offered for $135,000 and my offer was quickly accepted.

I had heard good things about rental properties on Gwynns Falls Parkway from other members on this forum and decided that it would be a good investment based on those posts as well as the high rent to price ratio. Currently I get $750 and $800 from the occupied units. When the third unit is rented, the total rent will be equal to 1.74% of the purchase price.

I give credit to the realtor and lender who helped me complete this purchase. Andrea Mann has a great deal of experience helping investors find properties, and she will not push you toward properties that you are not interested in buying. I plan to work with Andrea again to find multifamily properties in Baltimore. Also, Jeff Gunther at Primary Residential Mortgage Inc was quick to provide pre-approval letters so that I could offer quickly when I found properties I was interested in purchasing.