This was our 7 th property.. BRRRR
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $660,000
Cash invested: $130,000
11 units with 14 garages.
What made you interested in investing in this type of deal?
It has a huge upside potential due to the condition of the apartments.
How did you finance this deal?
Standard commercial loan
How did you add value to the deal?
We renovated 2 apartments that were vacant for 10 years! We knocked out every wall, changed the entire floor plan. Ran new plumbing from the basement up, New electric including relocating the electric panels.
What was the outcome?
We doubled the value of this in 1 year! Its now worth 1,100,000! Our new business model is to find medium sized apartment complex (10-20 units) and Brrrrrr them !
Lessons learned? Challenges?
Cap rate and NOI are life changing numbers!