Large multi-family (5+ units) buy & hold investment in Merrillville.
Purchase price: $335,000
Cash invested: $80,000
Purchased this 14 unit mixed use property as a buy and hold. Great cash flow. Hoping to come across more of these. OVER 12% CAP RATE!
What made you interested in investing in this type of deal?
The numbers in multi unit make more sense to me.
How did you find this deal and how did you negotiate it?
We found this deal from a seller that my partner kept touch with. She liked it a lot but could not move on it so she shared it with us.
How did you finance this deal?
Stacksource. 20% down 20 year amortized over 30. I sold my condo in Riverside and the timing was right.
How did you add value to the deal?
We have a good amount of renovations to do but it appraised for $450k without doing anything
What was the outcome?
Looking good. Feels crazy to collect $11k every month.
Lessons learned? Challenges?
Having a good property manager in the area was great! They helped with inspections, appraisal, and gave us estimates on work that needs to be done.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Stacksource was good. They took some of the stress out and were good about helping us with due diligence on the property.
Congrats! Did you buy it via a holding company or was it a personal loan?
Congratulations on your success @Charles Simon !
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you