Tri-Plex - Saturn Townhomes

[Ashley Byington]

Investment Info:

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

Purchase price: $425,000
Cash invested: $42,500

Under contract on these new construction townhomes. This is a triplex, planning to rent out the 2 outside units for $1200/mo and going to try Air BnB with the middle unit. Construction for my building is supposed to be completed by the first of December.
These units are in a great location with easy access to the airport, highway/freeway, and close to several large employers in the area, which I think will make it perfect for short-term rentals. I love the higher end finishes in this property!

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

My first property was a C(ish) class property and I haven't loved maintaining and managing it. I then bought a 2015 townhome which has been great. This year I took on management for 36 other units and the townhomes are my favorite to manage. I wanted to be able to finance multiple units in one loan so these triplexes were perfect.

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

These were listed through our local MLS.

How did you finance this deal?

We have a local lender who will do deals for 10% down with no PMI for investors.

Lessons learned? Challenges?

Getting it for a price that was in line with our market rents was important. I did many evaluations and compared rents for similar units.

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

I'm acting as my own agent in this transaction.