Turning Crack Houses into Millions

3 Replies

Investment Info:

Large multi-family (5+ units) commercial investment investment in Seattle.

Purchase price: $475,000
Cash invested: $250,000

33 unit apartment development project.

What made you interested in investing in this type of deal?

The property was a large parcel of multi family development dirt. The size and zoning were too good for the price.

How did you find this deal and how did you negotiate it?

The deal was on the MLS. It was a multiple offer situation. I represented my self to save the buyers agency commission, and kept constant communication with the listing agent.

How did you finance this deal?

The home was not financeable so we used hard money. Once we closed we applied for a HELOC with a bank that does not require an appraisal and used those funds to payoff the hard money.

How did you add value to the deal?

We are permitting the land for 33 unit apartment.

@Mark Fries this is a rendering for a 33 unit apartment in Northgate. it looks fake because it’s a graphic depiction of what the property will be. When you submit your plans for permitting Seattle requires these renderings.

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