Property 18 – Triplex House #1 – Mini Syndication

This is the 1st house in the Triplex series that i recently purchased last year. I get some courage and confident after attending the secret of successful syndication event from the Real Estate Guys Radio shows. After a couple months looking, i decided to pulled the trigger on this mini Syndication deal with the people that i trust.

Note that i bold the word trust. trust take a long ass time to build and just seconds to break. This is the core component when you start to do syndication. This is no longer you, and your money. This is your money and also the money from the people that have trust in you. Screw this up and thing will get real nasty. I would suggest  when for your 1st syndication deal, really take the time to understand and vet your partner. It is just like getting married. Can’t jump to the bed on the 1st day of dating, and thing could go south during the relationship. Everybody will get excited in the beginning, cheer and kiss each other at the wedding, but what really important is that you have to know what will your partners reach when thing not going the way we are all expected? Are they willing to work with you through difficult time, and on unexpected event, or they will make matter worse, yelling and screaming like an angry bear?

Alrite! enough on the syndication topic. So we bought the house with so many dramas during escrow to make the long story short. The tenant of the 1st house moved out unexpectedly. Fortunately, the condition of the 1st house wasn’t so far so we quickly renovated it and put it up on the market for rent at $1150

Renovation: ~5k

AC: ~5k (it blew up. I hoped that i can keep it for a year or two but oh well) but i got in a brand new system top to toe and i hope it will last me for years

Leased: $1150

ARV: ~$101,ooo

Before Pictures:

 

After Pictures: I’m lucky enough to get my “passive” partners to rehab the house with me to save some cost. it turned out they got some skilled. One is the master at cleaning up, one helped me cleaned up the messy yard and the one is helping my GC snapping in laminate like a pro.

Check out the after pictures:

This is by far the easiest of the 3. the next one (the middle one) turned out to be a nightmare. more to come later..

 

 

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