8 Unit Multifamily Fort Myers

[Mike Barone]

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $560,000
Cash invested: $100,000
Sale price: $1,300,000

This was an 8-unit value add project that took 18 months to complete. I found this deal through bigger pockets and partnered with another member!! We had to turn over 7 out of the 8 units. Each unit was fully renovated, and rents increased from 750 to an average of 1250. I have a video on my profile if you want to check out the project. We decided to sell the property, cash out and move on to another project. After hard money, rehab and selling costs we cashed out about 170K each. We are in search of the next project in the Florida market if anyone has an opportunity or needs someone to be a local operator. PARTNERSHIPS ARE POWERFUL!!

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

It was a larger multifamily property which is what I was looking for.

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

I reached out to another bigger pocket's member. We spoke a few times throughout the year. He was a local wholesaler and brought this opportunity to me when he got it locked up.

How did you finance this deal?

We used a hard money asset-based lender. (ABL1)

How did you add value to the deal?

Interior and exterior renovation. Washer and dryer hookups were added inside the units. Rents were increased to market value.

What was the outcome?

We both got 150%+ ROI within 18 months.

[Stetson Miller]

@Mike Barone Congratulations on the sale!