7 plex - 100% cash out refinance!
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $660,000
Cash invested: $132,000
7 unit apartment purchased on market in October 2021 for $660k. I completed a value add play and did a 100% cash out refinance in 2022 with an appraised value of $1M.
What made you interested in investing in this type of deal?
A+ location!
How did you find this deal and how did you negotiate it?
It was on market via the MLS with a residential agent.
How did you finance this deal?
80% LTV with a local CU. I put down $132k.
How did you add value to the deal?
Increased rent roll from $700/unit to $1150.
What was the outcome?
$1M appraisal and cash out refinance of $250k.
Lessons learned? Challenges?
Imperfect action beats standing still!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.
