Buy & Hold Triplex: Rehab to Cashflow

Buy & Hold Triplex: Rehab to Cashflow

Contractor · Pottstown, PA · Member since 2018 · 216 posts · 160 votes

Investment Info:

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

Purchase price: $150,000

This is a beautiful old triplex that had been let go for many years. We're doing an extensive rehab on it as vacancies occur to bring it back to its original beauty. Financed with a commercial bank loan along with a promissory note to the seller, so that we brought $0 to the closing table.

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

I work with a handyman who also works with the previous owner of this property. The handyman connected us and we negotiated a deal.

How did you add value to the deal?

We bought this house in very rough shape on the inside and outside, and it will likely take a year or two to get it all finished as vacancies come up. We're fixing roof leaks, broken doors and windows, leaky plumbing, knob and tube wiring, non-functional bathrooms, landscaping - the whole nine yards here, over time.

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

The seller of this house is an excellent CPA who's a real estate investor and business owner, and I'm very glad to have met him.

0Reply
7 views

No replies yet. Be the first to reply to this discussion.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.