Updated over 4 years ago on . Most recent reply
Cheap Triplex Big Cashflow
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
