Finally closed on our first multi family building!

Finally closed on our first multi family building!

Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes

Well, two actually. After 14 months of courting the seller and working through the purchase process, we have finally closed our first deal. Two, 8 unit buildings. We are looking forward to learning this business and moving into bigger complexes as we gain more knowledge and grow. It feels good to finally see some return on our time investment. Thanks to all the BP folks that helped us to get this done.

29Reply
141 views

Most Popular Reply

Investor · Morrisville, NC · Member since 2012 · 1k+ posts · 673 votes
7y

@Derek Gibbs . Congratulations on getting  your first big one. That's what taking action is all about.

Can elaborate on "courting the seller"? Did you do seller financing? I'm interested in some creative ways to do seller financing on deals. 

See this reply in the discussion

62 Replies

Jump to latestLatest
  • Rental Property Investor · Los Angeles, CA · Member since 2017 · 30 posts · 12 votes
    7y
    @Derek Gibbs congratulations! And now your adventure as a real estate investor begins.
  • Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes
    7y

    Thanks @Marjeanne Fields! I will definitely reach out to you in the future.  

  • Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes
    7y

    @Robert Shedden Congrats to you as well! Good luck in the coming year. 

  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    7y

    @Derek Gibbs

    I would like to add my congratulations. It’s AMAZING what persistence can achieve.

    Private Mortgage Financing Partners, LLC
  • Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes
    7y

    Thanks @Don Konipol! We were going to make it happen one way or another. Not giving up when it gets hard or looks bleak is the difference between success and also ran. 

  • New to Real Estate · Tacoma, WA · Member since 2018 · 34 posts · 6 votes
    7y

    @Derek Gibbs Congrats man!

  • New to Real Estate · Tacoma, WA · Member since 2018 · 34 posts · 6 votes
    7y

    @Derek Gibbs what market are you in if you don’t mind me asking ?

  • Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes
    7y

    @Kelvin Vinston it’s a suburb of Detroit

  • Rental Property Investor · Cincinnati, OH · Member since 2018 · 7 posts · 2 votes
    7y

    @Derek Gibbs Congratulations! I hope to be saying the same thing hopefully this year.

  • Rental Property Investor · Cincinnati, OH · Member since 2018 · 7 posts · 2 votes
    7y

    @Derek Gibbs Congratulations! I hope to be saying the same thing hopefully this year.

  • new york city · Member since 2017 · 40 posts · 23 votes
    7y
    Congratulations@Derek Gibbs on your first investment property now you are truly an investor
  • South Jordan, UT · Member since 2016 · 21 posts · 9 votes
    7y
    @Derek Gibbs congratulations! Can you share your experience on getting commercial financing for the first time. Pricing, terms, amortization schedule, lender (local bank, or someone else)? Thanks and again congrats!
  • Rental Property Investor · Denver, CO · Member since 2018 · 183 posts · 172 votes
    7y

    @Derek Gibbs Congrats to you sir! Keep up the hard work and best of luck to you in the future!

  • Rental Property Investor · Member since 2018 · 62 posts · 19 votes
    7y
    @Derek Gibbs How are you, congrats on your first two deals, motivation. Could you shed some light on the purchasing process of the multifamily? Basically the type of loan and down payment required.
  • Rental Property Investor · Redmond, WA · Member since 2018 · 44 posts · 4 votes
    7y

    @Derek Gibbs congratulations, wish you all the best.

    My question is: how did you find those? How did you manage financing?

  • Rental Property Investor · Redmond, WA · Member since 2018 · 44 posts · 4 votes
    7y

    @Jonathan Cox I think it is the same questions I have in mind.

  • Real Estate Investor · Ogden, UT · Member since 2014 · 160 posts · 81 votes
    7y

    Congrats @Derek Gibbs! TWO -8 units for your first deal is AmAzInG !!!!!!!! 

  • Rental Property Investor · San Diego, CA · Member since 2012 · 185 posts · 105 votes
    7y

    @Derek Gibbs Congrats. Here’s to a great 2019!

  • Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes
    7y

    Thanks @Jonathan Cox! It was a commercial loan at 80% LTV

  • Rental Property Investor · Member since 2018 · 62 posts · 19 votes
    7y
    @Derek Gibbs did you have to put anything down?
  • Investor · MD · Member since 2018 · 31 posts · 7 votes
    7y
    @Derek Gibbs Congratulations!!! This is awesome, encouraging news. Looking forward to reading more about your success as you continue to grow.
  • Investor · MD · Member since 2018 · 31 posts · 7 votes
    7y
    @Robert Shedden Congratulations to you on the 2 fourplexes!!!
  • Investor · MD · Member since 2018 · 31 posts · 7 votes
    7y
    @Cody DeLong Awesome!!! Congrats!
  • Real Estate Investor · Ann Arbor, MI · Member since 2017 · 75 posts · 52 votes
    7y
  • Rental Property Investor · Montréal, QC · Member since 2018 · 16 posts · 4 votes
    7y
    @Derek Gibbs Congrats!! What were the hurdles that delayed the process?
Join the conversationCreate a free account to reply, vote on answers and follow this thread.