First multi-family, 16 units, 2.5 hours away.
Investment Info:
Large multi-family (5+ units) buy & hold investment in Wichita Falls.
Purchase price: $450,000
Cash invested: $450,000
bought a run down mis managed 16 unit property, with my investors, for $450,000 Rehabbing units as they become available and increasing NOI. Was 1/2 full now we're at 3/4 full. looking to stabilize and return equity to my investors and a handsome profit.
Rinse. repeat
What made you interested in investing in this type of deal?
I like depressed deals where i can come in and add value. This was easy and cheap. Just need time.
How did you find this deal and how did you negotiate it?
Broker brought it to me. 1st time numbers were too high. 2nd time we could negotiate for a good price.
How did you finance this deal?
Cash. pooled money from investors. Some had cash some IRA's. Made it work.
How did you add value to the deal?
Paint the outside, painted the units, replaced carpeting, new fixtures...
What was the outcome?
Getting more for rents
Lessons learned? Challenges?
done a few of these before. Smaller deals. This is the biggest one so far. nothing scares me...
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sherry Patterson. She's awesome. DFW area