Great Deal Alert - Triplex
As an investor and a consultant to investors, there are a variety of ways I go about locating a great deal. One of them is by “keeping my ear to the ground” and paying attention to the environment to detect a location whose time is rapidly coming before other people are aware of it. In this way, one can sometimes acquire a great deal because the competition says the location isn’t “quite there yet” and they don’t want to take the risk. I have obtained several excellent deals for clients in just this way. And, with the property I am showcasing in this email, I am about to do it again. Here are the specifics:
This is a 2800 sq. ft. triplex in a non-rent-control area. It has a 1-bed unit, a 2-bed and a 3-bed. The 1-bed will fetch $1100/mo; the 2-bed will fetch $1300 and the 3-bed (quite large) will get about $1800. That’s a total of $4200/mo, or $50,400 per year in gross income. It can be had right this minute for $500,000. It needs very little work.
If you were to purchase it, as soon as you have made the arrangements to have “market rent” tenants (very easy to do in a non-rent-control district, I can assist as needed) you will have a positive cash flow of $1400/mo. With you having come “out of pocket” about $140,000 between the down payment, small amount of renovations and closing costs, you will be at 10% cash-on-cash return on a property whose rents should just continue rising and rising over time.
Let me know if you are interested or would like to know more, and I will be happy to help you out.