First repositioning deal as a property manager

[Patrick Milmoe]

Investment Info:

Large multi-family (5+ units) private money loan investment.

Purchase price: $1,200,000
Cash invested: $1,200,000

Repositioning of an 8 unit that needed $100k of capex

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

Diversifying large office and parking portfolio

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

Off-Market, aging owner

How did you finance this deal?

My company paid cash

How did you add value to the deal?

I manage the project

What was the outcome?

8% return with more room to increase rents

Lessons learned? Challenges?

I do not agree with all the capex projects

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My company self financed