#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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Successful 84 unit purchase!
#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
After months of hard work we finally closed on an 84 unit value add apartment building in Lexington, KY. My company raised $960,000 in order to close on the property and will begin a large renovation in order to be able to raise rents $125 on average. The closing was a challenge to say the least, but we got it across the finish line and now the real work begins!
The main take away for me is that consistent and persistent effort pays off, as well as very careful due diligence. I will be posting a blog article to go into further detail on the deal later today, but to give an idea of what we dealt with:
- Difficulty finding investors that would commit
- Phase 1 troubles that almost killed the deal
- Surveyor dies during the process
- Lender issues
- Report showing 24 vacancies vs the original 9 at contract signing
Overall, we got through it thanks to the flexibility of the seller, help from the RE broker and our thorough due-diligence. It was a fun one to say the least, but we are excited and know that it was well worth it in the end!