Buying Multifamily properties can be a pain.
Over he years I have bought boatloads of single family homes, 3 duplexes, an a quad. The small multi-family properties were easy.
In June last year we found a seller that wanted to sell 8 different complexes, 4 - 37 units each. We wanted to buy them all. We had good seller financing(25%) and some buyer cash and over several months could not get the local banks to swing a deal in my favor. So then in October we tried to hit a single instead of the home run and contracted to buy 2 complexes. A total of 32 units, 8 quads. And today is the day. Finally closed. Woohoo. And afterward I will tell you that several times in the process, I wanted to just say forget it. After 12 years in the investment business, it is hard to gravel in front of bankers to get things done. Aggravating. Tons of paperwork. Tons of questions. The final tally, 70% bank, 20% seller, 10% me.
8 quads - nice! I'm just starting out & trying to buy 1 quad. That's painful enough in itself. Do you invest in the OKC area?
Excellent work @Arlan Potter . This really encouragning news!
@Arlan Potter congrats. Thats awesome news. Can't wait to experience that myself one day.
Good work glad it worked out!!
You took down 32 units with 10% down. That's pretty impressive, and I'm not surprised it took a lot to get it done. Good job!