Large multi-family (5+ units) commercial investment investment.
Purchase price: $580,000
Cash invested: $320,000
Two assisted living residences. Each with 16 bedrooms and 16 baths. New construction. Approximately 7000 sqft each. Seeing equity investors for this and other assisted living projects.
What made you interested in investing in this type of deal?
The silver tsunami!
How did you find this deal and how did you negotiate it?
Found this deal on Loopnet. Negotiated best price and purchased. Seller wasn't very negotiable however, this property has multiple exit strategy possibilities so it was priced fairly.
How did you finance this deal?
Hard money loan.
How did you add value to the deal?
Created engineering and entitlements necessary to install above ground ditch water into a culvert system and licensing for same. Without this it was not a developable property.
What was the outcome?
Doubled value on land.
Lessons learned? Challenges?
Always plan on longer time than you think and have more capital reserves.
Are you looking for some assistance on this?
Not sure how I can help but I do have people in that area that know what to do with that kind of property and opportunity.
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