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.
@Lu Bien-Aimé Thanks! There were so many. The seller is very old school. He didn’t want to share any financial info. He preferred cash and a handshake. The hardest part was getting him to understand that there is a fairly specific process to multi family deals and unless you pay all cash, you can’t avoid it.
@Derek Gibbs Congratulations!! Being a newbie how did you network and build a team to get this deal done? Was it mostly on BP? I actually have a step by step process in place but haven't applied it to a property due to not knowing who to start connecting with for equity partners and other investors.
All my best
@Jeff Shem my local REIA was the best source. I went to a bunch of them locally and finally found one with the right combination of people. The rest came from people I've known for years or cold calling.
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.
Yes!! I love it. Of all the stuff on this site, people taking down their first multi is my fav to read.
Congrats @Derek Gibbs, I'm in a similar boat as what appears to be a lot of folks on this post. I just closed on a 10 unit which I'm in the middle of rehabing and fliping units to raise rents then move on to the next MF next year. Would love to hear a little more about the deal, area, what you've learned yada yada.