Updated about 2 years ago on . Most recent reply
Cape Coral 6 unit multifamily
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $670,000
Cash invested: $300,000
6 Unit multifamily property that was condemned prior to ownership. Full gut job renovation with exterior improvements. Leased out fully to a single AirBNB tenant.
What made you interested in investing in this type of deal?
Was looking to get into larger multifamily rental properties.
How did you find this deal and how did you negotiate it?
Came upon on it from my realtor and purchased it from a wholesale group that decided not to pursue the project themselves.
How did you finance this deal?
Initially all personal cash including renovation costs, will be refinancing soon after occupied probably with a DSCR loan.
How did you add value to the deal?
Renovated each unit from top to bottom.
What was the outcome?
Fully rented grossing over $12,000/mo.
Lessons learned? Challenges?
Due diligence in getting the right contractor for the job is the most important step in doing a large renovation like this.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, my realtor Veldin Miskic was crucial in securing this deal at the time.