Investor · New Albany, IN · Member since 2017 · 99 posts · 42 votes
Investment Info:
Large multi-family (5+ units) wholesale investment.
Purchase price: $525,000 Sale price: $542,500
Property purchase price $525K, needs $350K in renovations. 20 unit apartment building. Separately metered electric, brick, garden style, all 2/1 until will rent for $750 each when completed.
What made you interested in investing in this type of deal?
The location
How did you find this deal and how did you negotiate it?
A banker brought the deal to me because ‘’no one else was interested”.
How did you finance this deal?
I assigned the deal to an end buyer.
What was the outcome?
I made a good chunk of change and got a lot of experience evaluating a large multi-family complete rehab deal.
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
6y
Congrats on a successful deal @Natalie Allen! Curious to know why "no one else was interested". Was there anything else wrong with the property besides all of the capex needs?
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
6y
Sounds pretty good. It will be a lot of work and take a while, but eventually it will make money if you hold it long enough. It will definitely be a learning experience. There are easier ways to make a 10% return, but multi-family deals are scarce. Best of luck with it.
Investor · New Albany, IN · Member since 2017 · 99 posts · 42 votes
6y
@Anthony Dooley. Thanks! It was my first large multi-family wholesale deal. Nice payday for what I expected to be a learning experience! Favorite thing about RE, getting paid while you learn :)
Investor · New Albany, IN · Member since 2017 · 99 posts · 42 votes
6y
@Yonah Weiss
Feom first glance there was ‘nothing close to it’ but I found that just diwn ther street was a brand new home depot & meijer (grocery store) and many signs for new construction. This is why I kept working on it. The units now rent for $775/mo.