Updated 14 days ago on . Most recent reply
Serial SFR acquisitons in South Bend, IN
Investment Info:
Single-family residence buy & hold investment in South Bend.
Purchase price: $7,800,000
Cash invested: $600,000
Acquired 78 homes. Renovated 25, managing 70 with tenants.
What made you interested in investing in this type of deal?
High quality partners in a market with relatively low purchase costs and healthy rents.
How did you find this deal and how did you negotiate it?
Partners source most deals via exiting investor packages, wholesalers, off market opportunities.
How did you finance this deal?
Private money and hard money refinanced to 30 year mortgages on average within 130 days of acquisition. Occupied houses go direct to LT financing.
How did you add value to the deal?
Property cleanup, new bathrooms, kitchens, paint, flors and windows as needed.
What was the outcome?
Solid performing portfolio.
Lessons learned? Challenges?
Plenty.
We have outstripped the lending capability of a couple local community banks.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Some. Many players represent that they work with investors yet lack the depth, capability and speed to be called professional.