Monopoly Bros closed a $5.6 million deal
Investment Info:
Large multi-family (5+ units) buy & hold investment in Nicktown.
Purchase price: $5,600,000
Contributors:
Eric Friday
What made you interested in investing in this type of deal?
We know our partners, audience, and community that we have relationship withs would be interested in investing in multi family so finding a great deal is top priority.
How did you find this deal and how did you negotiate it?
I cold called the seller from a list from Costar. The negotiation went well, we leverage David Toupin’s (one of our partners in the deal) portfolio and accomplishments to make the seller confident we would close.
How did you finance this deal?
1031 Exchange and bank financing. None of our own money, our partners needed to park their money from the sale of another large multi family deal.
How did you add value to the deal?
We brought the deal by cold calling the seller. We brought value to our partners by finding a great deal in a great location. They brought the money and experience to help close this 52-unit apartment. We negotiated equity position to be owners.
What was the outcome?
This 52- unit property is very well performing. We completely changed the color scheme to a classic black and white finish. Previous owners had painted the building 12 different bright colors that we though resembled a kindergarten classroom. We are also renovating the interiors as residents move out. Our renovated 2-bedroom units are leasing quickly for $1800. These units were previously leasing for $1100.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Real estate Lab by David Toupin
Tory Scheffer - Real estate investor
