8 plex apartment building
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $167,500
Cash invested: $100,000
4 story brick building on a corner lot. features laundry facility on site and 6 garage spaces. 8 identical one bedroom units.
What made you interested in investing in this type of deal?
building long term wealth
How did you find this deal and how did you negotiate it?
Sarah Currier/ realtor.
How did you finance this deal?
traditional bank financing
How did you add value to the deal?
completing deferred maintenance; new furnace and hot water heater, new roof, installed monitored fire alarm system ( required by state law.). added coin op laundry.
What was the outcome?
building is significantly improved. rents are higher. tenants tend to stay long term.
Lessons learned? Challenges?
don't expect to pull much $ out. most extra money is spent on improvements and repairs.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sarah Currier