Southern California Multifamily Buy and Hold

[Mickey Petersen]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $820,000
Cash invested: $28,000

This was our first full property turn. It involved convincing the current low paying rent tenants to either leave or stay at market rent in a newly updated apartment. It went pretty smoothly. All tenants decided to move with cash for keys. All three units were newly updated in about a months time. All units are receiving market rents. We plan to hold this for a few years. We will see what we decide to do once interest rates settle.

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

Value add opportunity.

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

Off market brought by agent.

How did you finance this deal?

Conventional Financing.

How did you add value to the deal?

Updated all units.

What was the outcome?

Great looking property achieving market rents.