Large multi-family (5+ units) buy & hold investment.
Purchase price: $240,000
Cash invested: $50,000
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.
Nice! That's a pretty good find in this area.
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