Triplex that was one of my better investments.

[Bryan Vukelich]

Investment Info:

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

Purchase price: $460,000
Cash invested: $60,000
Sale price: $650,000

This was a tri-plex I acquire when I moved back to Seattle. I lived in the top unit and rented out the other two units.

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

I was moving back to Seattle and wanted a multi family property were the tenants could pay all, or a majority of my mortgage.

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

I was a licensed agent in Washington and found it on the MLS.

How did you finance this deal?

Bank financing.

How did you add value to the deal?

Did some lite remodeling to the units, and improved the landscaping.

What was the outcome?

Was a nice return on my invest thought I sold too soon. Would have been a great investment if I held it a couple more years.

Lessons learned? Challenges?

Big challenge was the first floor unit developed a mold problem and also had strange odor. Tried several ways to remedy the mold as well as improve air quality. None were successful long term. Finally I was referred to a handy man that started doing exploratory work and amazingly found a a small crack in a drain line from the upper units that was locate between a bathroom and bedroom. Once this was repaired, problems went away.