Closed on a Triplex that needs 10-20k in renvoations

[Joshua Sokolow]

Investment Info:

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

Purchase price: $82,000
Cash invested: $26,200
Sale price: $89,900

I just recently, in the midst of the coronavirus crisis, closed on a property in my hometown of Bristol, TN. I'm currently an out of state investor there and I bought the property from my PM as she had this property as a pocket listing for another client of hers. With the numbers making sense and the easy of transfer because of her being the PM for both of us, this deal made a lot of sense.

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

It was at a good price. I have a team in place to make the deal quick and safe.

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

My PM had the deal as a pocket listing and I negotiated the price based on work that needed to be done on the place and running the numbers on the BP calculator.

How did you finance this deal?

Traditional mortgage company that I have a previous relationship with.

How did you add value to the deal?

Renovations.

What was the outcome?

Still waiting, but smooth so far.

Lessons learned? Challenges?

Having a team in place makes things much easier. If you shortened the length of time between deals, it makes the process easier and more comfortable. Repetition is great.

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

Yes, Mia Johnson has been a great PM for all my properties.