1st Large Multi Family Deal I've Done
Investment Info:
Large multi-family (5+ units) buy & hold investment in Dillwyn.
Purchase price: $1,850,000
Cash invested: $450,000
40 Unit Multi-Family
Low Income Housing
Also own Roughly 40 other Doors. Single Family, Duplex's, Quad's.
Located in Powhatan, Farmville, Chesterfield, and Cumberland , Va areas.
What made you interested in investing in this type of deal?
CashFlow
Value Add oppurtunity
How did you find this deal and how did you negotiate it?
Opening my Mouth and Telling People what I do.
Off Market Deal
How did you finance this deal?
Small Local Bank
How did you add value to the deal?
All New Roofing
Re-sided the entire Property.
Cleaning the exteriors and Interior slowly.
Having a Real Property Management Company in Place.
What was the outcome?
100% Occupied and things seem to progressing forward nicely.
Lessons learned? Challenges?
More Due Diligence mainly on the previous ownership.
They had no real process in Place.