Large multi-family (5+ units) commercial investment investment in Morgantown.
Purchase price: $550,000
Seller financed entire down payment of the property and acquired 3 homes and 4 plots of land. 2 properties are multi-familys and 1 is a single family residence that will all be student housing for WVU students. My first deal made on my own! I ended up putting no money down! And I only really paid for closing costs of 9.5k. Seller financing deal was great as we agreed to 5.5% and the commercial loan was 5%. I will be putting some money into some nice TLC as I want to make the properties look better. I got them fully rented and the cash flow is pretty crazy! Pretty awesome stuff. I couldn't have done it without all the books I have read up to this point, so I would like to thank those books. I always tell my GF, books cost 10-20 bucks and have millions of dollars of information in them. READ READ READ!
What made you interested in investing in this type of deal?
Reading a book on creative financing
How did you find this deal and how did you negotiate it?
Cold calling real estate agents for off the market deals
How did you finance this deal?
Seller Financing and
How did you add value to the deal?
Got a new roof and painted some of the properties.
What was the outcome?
Cash flow on the property is over 2k per month
Lessons learned? Challenges?
Ask questions! If you don't ask the seller/listing agent questions you will never know what they will agree too
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