First Triplex in the heart of Missoula

[Kyle Black]

Investment Info:

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

Purchase price: $385,000
Cash invested: $9,048

A 1,650 sqft triplex containing 3 1bd-1ba units.

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

I travel for work, so house hacking made the most sense for me. I also am at the stage where I would prefer to not have roomates anymore - so I opted to go the multifamily route.

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

Found the deal on Realtor.com. I had looked at several properties already but was beaten out by other buyers offering well above 20k over asking.

The sellers agent said they were reviewing deals as they came along, so I sent in my offer a few hours later and had it accepted the following morning.

How did you finance this deal?

All personal money. Because I am occupying the building, I opted to go the FHA route.

How did you add value to the deal?

Currently adding value. I am in the process of renovating the largest unit. I hope to renovate the other two in the next 18-24 months and then do a HELOC to purchase another building.

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

Michele Hall in Missoula is an absolute rock star. Will be using her for ALL of my deals in Missoula going forward.

[Keith Miller]

Nice Kyle! I remember seeing this one on the MLS. It's a great neighborhood to be investing in, both my houses are in that general area. Doing it as an FHA was a great idea, then you could save your cash for the renovation. Have you already rented out the other two units? If so, what did you end up getting for rent?