Poca Triplex Property

[Robert Pritt]

Investment Info:

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

Purchase price: $152,500
Cash invested: $17,000

Triplex property in Poca, WV

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

Initially made an offer, which became the backup offer. After two months, the sellers wanted to know if I still wanted it because the primary offer had fallen through.

How did you finance this deal?

A commercial loan through my LLC

How did you add value to the deal?

I have not, all units were already occupied.

What was the outcome?

We closed, and are realizing that there might have been some differed maintenance, mostly cosmetic.

Lessons learned? Challenges?

Know how to proceed with the eviction process before you take on tenants. Two of the three tenants have still yet to pay rent, but they will be paying us in full (including late fees) on the 13th. Do not bend rules in the lease with tenants, always be firm.