In December 2013 I purchased The Avenue, 2115 Collingwood, Toledo, OH. The building is a 45 unit apartment building with 7 two bdrm units and 38 one bdrm units. There is also a 36 car parking garage under the building and 10 surface parking spaces. I purchased the building using a no money down land contract provided by the seller. Purchase price was $325,000. Instead of making a down payment I got the seller to agree that major improvements were needed which I would pay for with the limited cash I had. On the day of closing there were 6 apartments occupied. The seller had basically given up on the building. Now as of April 6th, 2014 we have 34 apartments occupied and we have renovated 38 apartments. This could turn out to be the best purchase I have ever made.
Congrats Stewart! I've been doing similar deals around Toledo in similar neighborhoods. I would love to get together and share ideas sometime.
Wow! Sounds like a great deal!
I aspire to eventually reach this type of level/status where I will have the ability to find and or make deals such as this.
@Stewart Beal ,
If you don't mind me asking, how did you come across this opportunity? I'm obviously not from the Toledo area, as Fremont is located about 40 minutes south east.
Scott, I purchased a property about a block away so the seller pursued me.
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