Rentals to Wealth EP 1: Couple Closes on Fourth Investment Property
In the very first episode of Rental to Wealth, Kyle and I take you with us as we close on our fourth rental property, a historic triplex in South Jersey we lovingly refer to as Big Green. Our first property is only a few blocks away and we are excited to pick up another in this great neighborhood. In this video weekly series, we’ll document our journey as we renovate the units and bring this property up to it’s full potential.
How We Found Big Green
We found this property on the MLS around the time we were finishing up renovations on property number three. As someone who doesn’t like to take on multiple projects at once, we ran the numbers but didn’t actively pursue the home. A month or two went by and the property went off the market only to reappear a few weeks later with a $40,000 price reduction at $359,000. We were stoked! Price was more in our range and the timing was right. We were finished with property number three and ready to look. We scheduled a tour, walked the units, and made an offer along with a personal letter to the seller letting her know our intentions of house hacking the triplex and how excited we were to possibly call the third floor unit our home.
After some negotiations, we were under contract for $330,000 with $10,000 back towards closing costs. 45 days later and we’re at the closing table ready to get started on renovations.
Up Next
In the second episode, we will share all of the numbers from projected rents and renovations costs, to cash flow and reserves. We’ll also take you inside and walk you through unit three, the one-bedroom we will be living in and tackling first.
DIY on, we’ll see you in the next one!
