Cheap Triplex Big Cashflow

[Charles Simon]

Investment Info:

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

Purchase price: $130,000
Cash invested: $30,000

Purchased a large triplex. 4bed 3bath, 3bed 2bath, and 2bed one bath. Purchased with 2 smaller units rented out. Seller had rent back for 15days, took and additional 15 days and stole my first months rents. #WORTHIT! Takes in $3,300 per month in rent!

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

Price was so cheap I had to try it out.

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

I found it on Zillow and used the listing agent to purchase. Got the price down from $150 to $130

How did you finance this deal?

Commercial lender

How did you add value to the deal?

Still fixing it up

What was the outcome?

Just appraised at $230k

Lessons learned? Challenges?

Use a trusted contractor and make sure you see the work

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

Listing agent: Mccormick
property management company: Olson

[Tuan Dang]

Just curious. If its only a triplex why do you have to go through a commercial lender?