Good evening BP,
I have a 31-unit multi-family complex with 50 storage units. The seller is highly motivated, and I have negotiated terms with the seller.
This deal came up relatively quickly, so I had the deal before I had the investors prepared.
- 31 town homes, all currently rented
- 50 storage units, 4 of which are not occupied
- Rent is currently 14% below market average
- Two office spaces on the storage units are currently being used as storage space - we plan to rent those out, and have already had one company express interest
- Property management, lawn care, maintenance already in place
We already have a quick value-add opportunity in raising rent. The office spaces need a bathroom added to each in order to meet standard, so that is another relatively quick value-add. Management is already in place
- $420,000.00 down payment
- $50,000.00 held in escrow for pro-rated insurance and taxes
- $10,000.00 closing costs, inspection, appraisal, etc
- $20,000.00 for assignment fee (1% purchase price)
- Total: $500,000.00
- 5-year balloon payment to the seller
Strategy: Buy and hold, improve the property. 5 year refinance strategy, at which point we will complete the balloon payment and can repay the investors in full. Full terms for the investors are negotiable, and will be discussed with you once you get in touch!
If you are interested and want more information, please message on BP, e-mail, call, or contact us through our website.
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