Large multi-family (5+ units) fix & flip investment.
Purchase price: $575,000
Cash invested: $160,000
Purchased two triplexes on one lot as well as a single family on the lot next door. Of the 160k, 110k was my down payment. 50k was my initial rehab starter money. Rehabbed (myself) all 7 units using the cash flow from the property to finance the rehab materials. It took me 18 months. Total income at purchase was 4600 per Mo. Total income now is 8600 per month. Cash flow is 5k per month. I currently have the property for sale at 1.1 mil
What made you interested in investing in this type of deal?
At the time I needed an owner contract as I could not find any other financing. This was not only one of few I found, it looked like a no brainer too.
How did you add value to the deal?
Forced appreciation was key here. Prior owner had milked it for 28 years with little going back into it. As I had almost 30 years in the apartment maintenance industry as well as had owned my own handy man business I was able to do all the work myself.
Updated over 2 years ago
Congrats Bill! That is a huge accomplishment :D
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