Sultan Washington Triplex deal

[Chantz Ireland]

Investment Info:

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

Purchase price: $305,000
Cash invested: $40,000
Sale price: $585,000

Bought a house with a duplex behind it and did an airspace condo divison and sold the house for what I owed on the entire property. I then had the rental income of the duplex ($2,000/m). I recently listed the duplex for 285k and will make a profit on the entire deal of over 200k. A lot of it is due to market growth and being in the right place at the right time

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

MLS

How did you finance this deal?

FHA 3.5

How did you add value to the deal?

Total remodel on all three units

What was the outcome?

200k In profit

Lessons learned? Challenges?

Things take timeeeeee