All Forum Posts by: Jon Tripp

Three efficiency units just made rent ready in East Toledo is now available for purchase. Are you a small or new investor looking for the perfect start or an easy add on to your portfolio? Take a look at this triplex in East Toledo. The roof is newer and the units are rent ready. We have removed all tenants to make the property cleaned out and rent ready for your next round of long-term tenants. The property manager says each unit should rent in the $500/mo range. Anything between $450-$500 gets you above the 1% investment rule for the sales price.

Purchase this unit for cash at $125k or with seller financing for $135k. Terms to reflect something similar to 10-20% down with remaining balance financed for up to 5 years a 7-8.5%. Balloon payment due at end of term.

If you're interested, send an email to [email protected] or text your interest to 703-864-9652. No phone calls yet please. I have a couple investors interested in this property so serious inquiries only.

@Lori Williams, thanks! @Stacey So, Appreciate it. This one is in SC...but depending on your goals, be it income or appreciation, there are tons of options out there. I'm also taking the multi-family BP bootcamp which is helpful with some of those initial questions you probably have. I found my lender through a local realtor. Happy to connect with you on their info. @Bobby Feinman, the property is in SC.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $270,000
Cash invested: $54,000

I purchased six doors in March of 2022 - my first multi-family purchase. Tons of learning so far and many things to be learned. I have a good PM in place as I'm about 500 miles away from the property. This isn't a homerun property. I'll consider it a single...but as the first and hardest deal anyone will ever do, this may be the most important and single hit yet.

Happy to discuss any questions anyone has.

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

When I clicked on the link to learn more, I thought it was a stretch at the price for the tri-plex. The listing was horribly written so it was unclear to the casual observer. When I dug more, I learned it was two tri-plexes.

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

I'm a licensed Realtor in Virginia and DC...and have connections around the country in the business. Negotiating is my jam - and while I didn't get much concession on price, because of the market, but I did get more concessions on needed repairs.

How did you finance this deal?

I put 20% down and commercial financing on the remainder.

How did you add value to the deal?

This is an ongoing process, but the value play is improvements and updating to increase prices as much as $200-$250/door.

What was the outcome?

That story is still being written...I just closed on it.

Lessons learned? Challenges?

Figure out what's working and what's not and make notes of it. For me, the big eye opener was insuring the property. I had a few challenges but was able to overcome that with some locals who provided me answers/resources.

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

My agent was essentially working as a dual agent. Since I am in the business, I didn't have a problem with that - and negotiated a referral for me bringing the deal to him. I had a broker/lender that I'm happy with and will use for future deals.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $270,000
Cash invested: $54,000

I purchased six doors in March of 2022 - my first multi-family purchase. Tons of learning so far and many things to be learned. I have a good PM in place as I'm about 500 miles away from the property. My value play going in is with modernization and rent increases. Once I complete the updates and rents across all six doors, I should add $200/door to my income and increase my per door profit. This isn't a homerun property. I'll consider it a single...but as the first and hardest deal anyone will ever do, this may be the most important and single hit yet.

Happy to discuss any questions anyone has.

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

When I clicked on the link to learn more, I thought it was a stretch at the price for the tri-plex. The listing was horribly written so it was unclear to the casual observer. When I dug more, I learned it was two tri-plexes.

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

I'm a licensed Realtor in Virginia and DC...and have connections around the country in the business. Negotiating is my jam - and while I didn't get much concession on price, because of the market, but I did get more concessions on needed repairs.

How did you finance this deal?

I put 20% down and commercial financing on the remainder.

How did you add value to the deal?

This is an ongoing process, but the value play is improvements and updating to increase prices as much as $200-$250/door.

What was the outcome?

That story is still being written...I just closed on it.

Lessons learned? Challenges?

Figure out what's working and what's not and make notes of it. For me, the big eye opener was insuring the property. I had a few challenges but was able to overcome that with some locals who provided me answers/resources.

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

My agent was essentially working as a dual agent. Since I am in the business, I didn't have a problem with that - and negotiated a referral for me bringing the deal to him. I had a broker/lender that I'm happy with and will use for future deals.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $270,000
Cash invested: $54,000

I purchased six doors in March of 2022 - my first multi-family purchase. Tons of learning so far and many things to be learned. I have a good PM in place as I'm about 500 miles away from the property. My value play going in is with modernization and rent increases. Once I complete the updates and rents across all six doors, I should add $200/door to my income and increase my per door profit. This isn't a homerun property. I'll consider it a single...but as the first and hardest deal anyone will ever do, this may be the most important and single hit yet.

Happy to discuss any questions anyone has.

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

When I clicked on the link to learn more, I thought it was a stretch at the price for the tri-plex. The listing was horribly written so it was unclear to the casual observer. When I dug more, I learned it was two tri-plexes.

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

I'm a licensed Realtor in Virginia and DC...and have connections around the country in the business. Negotiating is my jam - and while I didn't get much concession on price, because of the market, but I did get more concessions on needed repairs.

How did you finance this deal?

I put 20% down and commercial financing on the remainder.

How did you add value to the deal?

This is an ongoing process, but the value play is improvements and updating to increase prices as much as $200-$250/door.

What was the outcome?

That story is still being written...I just closed on it.

Lessons learned? Challenges?

Figure out what's working and what's not and make notes of it. For me, the big eye opener was insuring the property. I had a few challenges but was able to overcome that with some locals who provided me answers/resources.

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

My agent was essentially working as a dual agent. Since I am in the business, I didn't have a problem with that - and negotiated a referral for me bringing the deal to him. I had a broker/lender that I'm happy with and will use for future deals.

First question is: why Plano? Do you have a network there or family? It’s always better to have a network if possible.

I have some clients here in Northern Virginia who I’ve worked with to house hack. Most recent, a client purchased an $800,000 house in Vienna and got a couple of roommates. All he pays a month: $350. But they moved with him from his previous rental. It’s always nice to have friends, rather than strangers, live in your house. 

In Plano - or wherever - find a community where your roommates will come from  

PMI is nice to not have to pay…but I wouldn't let that drive the decision. In fact, if you buy right, it may not even come into the convo.

As to your original question, I think you need to be moving there sooner than later if that’s your goal. To wait for a spring market is to wait for more people bidding against you and driving the market up. The roommates will come in the right time. You can’t really lineup the roommates until the house is there.

Good luck. 

@Jack Orthman so this was a primary residence that I built and lived in for about four years. I turned it into an executive rental and then VRBO property. I did any and all upgrades. I was the Realtor for the deal. The magic here was a combination of time plus the market hotness. This wasn’t a flip. It was a house hack plus buy and hold combo. Profit well exceeded $100k and I ate a $40k capital gains check to the gov. The only difference I would have done today would have been to 1031 it.

@Taylor L. Multi-family; ~5-20 units

@Taylor L. sorry for the delayed response. This was a primary residence that I turned into a rental so the timeframe wasn't super compressed. I did, however, pay a hefty capital gains check to the US of A for ~$40k. If I had played it smart, I would have done a 1031...but lesson learned.