Updated almost 7 years ago on . Most recent reply
Apartment purchase and sale in Oklahoma
Investment Info:
Large multi-family (5+ units) buy & hold investment in Edmond.
Purchase price: $300,000
Cash invested: $100,000
Sale price: $600,000
I purchased this 13 unit apartment complex and rehabbed it as tenants turned over. I raised the rates effectively and maintained a 98 % occupancy rate. I didn't want to sell but the price was too good and I did a 1031 exchange for rental property in Orlando, Fl and Branson, MO.
What made you interested in investing in this type of deal?
My interest was in creating a steady source of monthly income and appreciation in value over time.
How did you find this deal and how did you negotiate it?
I found the seller and did a direct purchase from him
How did you finance this deal?
Bank financing
How did you add value to the deal?
Rehabbed and remodeled the apartments as they came available.
What was the outcome?
Great income for 10 years and sold for a 300K gain.
Lessons learned? Challenges?
Know your market when you buy and be able to recognize a good deal when it is presented.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No