First large buy and hold (7 unit)

[Chad King]

Investment Info:

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

Purchase price: $430,000
Cash invested: $120,000

This is a 7 unit multi use commercial building. 3 store fronts with 4 apartment buildings above.

What made you interested in investing in this type of deal?

I liked the size of the deal plus there was poor management before. This is going to allow me to make good upgrades to the building while increasing rents.

How did you find this deal and how did you negotiate it?

I found it on zillow and my agent helped me negotiate the deal.

How did you finance this deal?

commercial loan from a local bank.

How did you add value to the deal?

I will be adding off street parking, upgrading the doors and trim and in the next few years add mini splits to the units to become more desirable and be able to maximize rents.

Lessons learned? Challenges?

I need to work on better systemizing the first month of the purchase with the tenants in place. Make it smoother for the tenants already inplace.