Columbus OH BRRR 11 unit

[Austin Steed]

Investment Info:

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

Purchase price: $285,000
Cash invested: $800,000

Completed an 11 unit BRRR in Columbus OH!

Purchase: 285k
Rehab: 800k
Appraised value: 1.9MM (we only took 1.2MM debt though)
Taxes: 1,951 annually

We went over budget quite a bit on this one. But all the numbers panned out. The tax abatements that Columbus OH offers is key to making the numbers work here. If there wasn't a tax abatement out taxes would be over 40k annually, pending abatement approval they'll be less than 2,000.

On to the next!

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

I wanted to go bigger with BRRR's. Whether you do a single family or larger scale it's a similar amount of work.

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

Off market cold calling

How did you finance this deal?

Construction loan and then we refied with another bank for permeant financing. Our rate is 5.65 on a 5/5

How did you add value to the deal?

A whole lot of rehab and a good architect.

What was the outcome?

Over 800k of equity and 2,000 a month cashflow.

Lessons learned? Challenges?

- Banks that have trust in you is key.
- Finding a good partner can go a long way.

[Remington Lyman]

Quote from @Austin Steed:

Investment Info:

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

Purchase price: $285,000
Cash invested: $800,000

Completed an 11 unit BRRR in Columbus OH!

Purchase: 285k
Rehab: 800k
Appraised value: 1.9MM (we only took 1.2MM debt though)
Taxes: 1,951 annually

We went over budget quite a bit on this one. But all the numbers panned out. The tax abatements that Columbus OH offers is key to making the numbers work here. If there wasn't a tax abatement out taxes would be over 40k annually, pending abatement approval they'll be less than 2,000.

On to the next!

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

I wanted to go bigger with BRRR's. Whether you do a single family or larger scale it's a similar amount of work.

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

Off market cold calling

How did you finance this deal?

Construction loan and then we refied with another bank for permeant financing. Our rate is 5.65 on a 5/5

How did you add value to the deal?

A whole lot of rehab and a good architect.

What was the outcome?

Over 800k of equity and 2,000 a month cashflow.

Lessons learned? Challenges?

- Banks that have trust in you is key.
- Finding a good partner can go a long way.

 Congrats on the deal!