Updated over 6 years ago on . Most recent reply
Buying a 96-unit deal at a huge discount
Investment Info:
Large multi-family (5+ units) buy & hold investment in Center Point.
Purchase price: $2,800,000
Cash invested: $390,000
This is a 96 unit that we closed in January. We acquired this property for $2.8 million or $29,167 a door. There are several value add opportunities including utility bill back, low flow water systems, low rents, adding washer dryer hookups in certain units and better management/operations.
What made you interested in investing in this type of deal?
The opportunity was in the buy. Properties in this area trade closer to 50k per door and we were able to pick this one up for a hair over 29k a door.
How did you find this deal and how did you negotiate it?
Broker relationship aided us in finding this property. He let us know the owner may be willing to sell for $3.5 million, we extended an offer of $2.4 million and we settled at $2.8 million.
How did you finance this deal?
Private money loan
How did you add value to the deal?
Improving management, turning units quickly, implementing strong systems, low flow water systems, utility bill back
What was the outcome?
We are getting close to closing our refi on this property. We will be pulling out ~ $3.2 million after two months of ownership
Most Popular Reply
I've seen similar post like this throughout my alerts recently. I think this post may be apart of a bunch of fake accounts or phishing posts. Be careful everyone. Let's keep the integrity of BP alive and well.
this post looks an awful like these posts:
https://www.biggerpockets.com/forums/850/topics/68...