Large multi-family (5+ units) commercial investment investment in Atlanta.
Purchase price: $1,350,000
Cash invested: $600,000
Sale price: $3,065,000
Acquired owner-managed apartment that was distressed and run down.
What made you interested in investing in this type of deal?
The seller's were going through a divorce and needed to sell.
How did you find this deal and how did you negotiate it?
Through a local broker
How did you finance this deal?
How did you add value to the deal?
Renovated the units and some exterior and added HVAC systems.
What was the outcome?
Sold with still meat on the bones for another buyer to finish project all the through.
Great summary! I'm wondering what kept you from taking the renovation project through to completion and then stabilizing the property with good tenants? Perhaps you made enough money (it looks like you did well!) and didn't want to deal with the remainder of the project?
@Chris Missling congrats! What’s a bridge loan?
A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. It is usually called a bridging loan in the United Kingdom, also known as a "caveat loan," and also known in some applications as a swing loan. In South African usage, the term bridging finance is more common, but is used in a more restricted sense than is common elsewhere.
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