Bulk Purchase Condos

[William Hamburg]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Cave Creek.

Purchase price: $2,244,000
Cash invested: $75,000

Purchased 22 condos for an avg. of $102,000/unit in December 2020.
Avg. Monthly Rents $24,000.
Converting to Section 8 would increase rents to Avg. $33,000/mo.
Receiving offers between 161,000-168,000/unit
Current equity if we sold project today: $1,300,000
Just turned down an offer for $3.55M.
86% CoC return annually

[William Hamburg]

Hey guys! For this project, we have 5 partners. 1 partner ended up being 50% which was the only way we could pull this off. The other 4 of us are 12.5%. That way I only needed to put 75k down. Tenants have never missed a payment and as we look at converting to Section 8 that could give us another 500/mo. Right now I make 750/mo like clockwork. We were blessed to have such a great property manager that came with the purchase. Each time a tenant moves out we remodel the unit and raise the rents.