Garden View 8 Plex Value Add Project
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $1,200,000
Cash invested: $300,000
Fully Renovated 4 units of this 8 plex and redid the landscaping. Rented the 4 vacant units out all in August.
What made you interested in investing in this type of deal?
Cashflow is king.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
Freddie Mac - We asked our Dad to document that we are receiving income from his trust and there is no income seasoning period on that.
How did you add value to the deal?
Rented out vacant units, quartz countertops and new cabinets, painted exterior, landscaping overhaul
What was the outcome?
We rented 4 vacant units at $1395/m (other units are rented around $1250). Cashflow is close to 4k/m.
Lessons learned? Challenges?
Make sure you tour all the units with your cabinet guy before designing kitchens...
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We are licensed brokers, contractors, and property managers. We recommend ourselves, Uptown Properties LLC, and we do third party management. We manage about 450 units in the Portland Metro area.