Updated 4 days ago on . Most recent reply
16 unit apartment
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $765,000
Acquired 16-unit (2x8) buildings in South Bend with owner financing (10%), private money (20%) and bank financing (70% - 25 yr amort and 5 yr term)
What made you interested in investing in this type of deal?
Motivated seller; facility and rent roll improvement opportunities.
How did you find this deal and how did you negotiate it?
Broker contact, pre-listing.
How did you finance this deal?
Seller, private, bank.
How did you add value to the deal?
Evicted as needed; renovated vacant units; increased to market rents.
What was the outcome?
So far, so good.
Lessons learned? Challenges?
Multi-unit insurance underwriting is more involved.
Structural engineer need for modest building subsidence.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.