6 building 24 unit apartment complex.
Large multi-family (5+ units) buy & hold investment.
Purchase price: $770,000
It is a 24 unit apartment complex. It consists of 6 buildings 4 units per building.
What made you interested in investing in this type of deal?
I wanted to grow and build my business.
How did you find this deal and how did you negotiate it?
My wife had found it and brought it to my attention. It was for sale by realtor and we had to negotiate with the realtor.
How did you finance this deal?
I refinanced 4 properties that I had free and clear for the down payment.
How did you add value to the deal?
Started remodeling each unit 1 by 1 and increasing rents and cash flow.
What was the outcome?
Still going strong.
Lessons learned? Challenges?
I think i need to hire a contractor to some of the work.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
- Real Estate Broker
- Salt Lake City & Oklahoma City
- Votes |
Nice work, @Dennis Whaley! Your strong equity position in the properties you owned outright gave you a lever to pull that resulted in a nice pickup!
Life is short, so live it well!
Thank you @Will Fraser. I just found bp about a month ago and trying to get use to it. A lot of good info on here. Always looking to learn.