Updated almost 7 years ago on . Most recent reply
11 Unit in Livermore, Maine
Investment Info:
Large multi-family (5+ units) buy & hold investment in Livermore.
Purchase price: $275,000
Cash invested: $55,000
All units are 1/1 units with all utilities included. We immediately added coin op laundry, swapped out all lights with LED, replaced and painted the sign, replaced outside lights and added safety lights, cleaned up the outside. As the inherited tenants move out we're cleaning and fixing all the units that either need repairs or new flooring. All cabinets, appliances, and bathrooms are pretty new and standard.
What made you interested in investing in this type of deal?
Wanted to invest in a multifamily for my first deal.
How did you find this deal and how did you negotiate it?
Purchased the deal through a contractor I've done work with before who was forced to sell.
How did you finance this deal?
20% Down and Commercial Loan
How did you add value to the deal?
Coin Op and Raised rents that were all below.
What was the outcome?
Higher rent
Lessons learned? Challenges?
Longer time of getting units fixed up
Most Popular Reply
@Cody DeLong Big congrats on this one. I'm looking for something in the same size range (8-20 units) Would you mind sharing NOI at purchase vs projected once renovated?