Just hit our 7 year anniversary on the first multifamily deal that I did. It was a scary deal (picture below.) 20% occupied, short sale in what I'd call a C- area. Purchased for $175,000 and put about $200,000 into it. It was a fight every step of the way. Ended up selling after about 2 years for just over $500,000. Investors were happy. We didn't make a huge amount personally but, learned an enormous amount and it was the action that got us started. Looking back it's fun to see what we've grown to with a long way to go.
Every deal has stresses and gut checks along the way but, the first leap is often what holds a lot of people back. Let this be motivation to those of you on the fence - focus on basis (easier said than done in this market), be well capitalized, and surround yourself with a good team.
Have a great week!
@Josh Eitingon Love it! That first step is usually the hardest, and those first deals always teach us a TON. Having a great team to support you is paramount, I think. It only takes one weak link to sabotage the whole chain, after all.
Thanks for sharing!
@Bryan Blankenship this first deal was in your market -- N. College Hill
Couldn't agree more!
@Josh Eitingon You don't say! Ha. Small world and all that. :)
@Josh Eitingon You've gone a long way and have been able to achieve a lot in the seven years time-frame. Congrats on making it happen!