Northern Michigan- Petoskey Triplex

[Adam A Boyce]

Investment Info:

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

Purchase price: $150,000
Cash invested: $175,000

Old beat up Triplex in downtown Petoskey with a significant amount of deferred maintenance. We inherited 2 fantastic tenants from the previous owners who are thrilled that we are taking care of the property. They both pay every month and have lived there for years. So far we have completely gutted the top unit and are replacing everything. Additionally, we have put in a new furnace, and are in the process of installing a new rood, siding, windows, and water heater.

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

BRRR

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

MLS... offered cash and it was accepted.

How did you finance this deal?

Cash

How did you add value to the deal?

So far we have completely gutted the top unit and are replacing everything. Additionally, we have put in a new furnace, and are in the process of installing a new rood, siding, windows, and water heater.

What was the outcome?

Still in progress

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

Agent to acquire the property.