Updated about 4 years ago on . Most recent reply
Best Deal I have Ever Made!
Investment Info:
Retail buy & hold investment.
Purchase price: $550,000
Cash invested: $26,000
Bought a 12 unit apartment building on main road in growing part of West Virginia. The building has 5 lawyers offices, 1 hair salon, and 6 residential units. We are also putting my office in one of the units are is a vacant commercial spot right now.
What made you interested in investing in this type of deal?
Very large cash flow. Purchase price was 550k off market and currently bring in just a little over 11k a month. My cashflow on it was enough to quit my job and focus on real estate full time!
How did you find this deal and how did you negotiate it?
Off Market deal by an agent I was friendly with
How did you finance this deal?
The down payment was seller financed. Meaning there is a traditional loan with the bank and then I have a loan structure with the seller to finance back the down payment they carried for me. Even with both loans I am extremely profitable.
How did you add value to the deal?
Redoing an office space, new roof, and rehab on one unit.
What was the outcome?
Producing very large cash returns every month. Very happy.
Lessons learned? Challenges?
Befriend people in real estate if you want to do well in real estate
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Howard Hanna in Morgantown WV
