Seller Financed 5plex in Elkmont, AL

[Ethan Wilson]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $200,000
Cash invested: $80,000

This is a 5plex we bought back in November just outside of Athens, AL (about an hour from Huntsville). We put 50k down, 30k in renovations, and the seller financed 150k at 5%. When we bought it, there was 1 unit occupied, bringing in $340 per month. Two months later, it was fully renovated and 100% occupied bringing in $3,500 per month. We estimate its value to be over 400k, so we plan to refi and put the proceeds into the next deal!

[Michael S.]

Nice work.  We looked in Elkmont for a rehab once, but were not sure enough of the LTR market to move forward.  Let us know how the rental performs in a year - I'd be curious to know.