5 Unit Multifamily Apartment Complex

1 Reply

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $240,000
Cash invested: $50,000

@Jesse Marinez , @Chris Levarek

Current project - Under preforming small multifamily apartment complex, 5 units each with 2 bed and 1.5 bath. Purchased for $240k with plans to raise rents through rehab and decrease expenses by sub-metering water and managing professionally. More to follow.

Once rehab is complete we will refinance in order to pull cash out and return capital to our partners. More to follow.

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

Location as a commuter area into Raleigh Durham.

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

Found through off market investor network.

How did you finance this deal?

Combination of personal money as well as private and commercial lenders.

How did you add value to the deal?

Rehab, sub meter water usage, add central air, stop paying for cable, professional property management.

What was the outcome?

Still in progress.

Lessons learned? Challenges?

Find out when the seller plans on turning off water.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you