Updated over 2 years ago on . Most recent reply
First Apartment Building
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $540,000
Cash invested: $50,000
6-unit apartment building
What made you interested in investing in this type of deal?
3 units were rehabbed and 3 units are under market but needs some work, potential to add value.
How did you find this deal and how did you negotiate it?
Sent by wholesaler, listed in MLS. Worked directly with seller so we're able to get it below asking.
How did you finance this deal?
Brought in new partner to split with the downpayment, then used commercial loan
How did you add value to the deal?
Will rehab the 3 under-market units then rent it at market rate. Will also bill back water/sewer to improve the bottom line.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Used closing attorney and a local lender that we have existing relationship.
