Combo Deal - 5 Apartments & 26 Unit Mobile Home Park

[John Cassel]

Investment Info:

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

Purchase price: $462,000
Cash invested: $140,000

Combo deal, 5 unit apartment building and 26 unit mobile home park. Appraised for $760 at purchase.

Value add business plan
-Apartment rents $425 at purchase, $995 after renovation
-Mobile Home Lots $200 avg at purchase, $350 with rent bumps over time

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

Discounted purchase price and big opportunity to add value.

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

A investor/wholesaler brought it to me. I had met him from networking on biggerpockets.com

How did you finance this deal?

Commercial Loan

How did you add value to the deal?

Renovated apartments and cleaned up the property including deferred maintenance.