Updated over 5 years ago on . Most recent reply
6 unit deal in Fort Wayne, IN
Investment Info:
Large multi-family (5+ units) buy & hold investment in Fort Wayne.
Purchase price: $250,000
6 unit property.
Buying, renovating, increasing rents, then will hold long term.
What made you interested in investing in this type of deal?
Neighborhood is turning and is walking distance to downtown.
This property was a value-add opportunity.
Can improve property, increase rents, and cashflow nicely.
How did you find this deal and how did you negotiate it?
Off-market, broker brought it to me
How did you finance this deal?
25% cash down and 75% loan from a local bank
Will be funding renovations through a line of credit + cash
How did you add value to the deal?
- Going to be remodeling each unit (new appliances, bathroom, countertops, refinishing floors, etc)
- Changing heat from gas to electric because electric is metered so tenant pays
- Adding AC to each unit, which will be electric also
- Improving common areas
- Improving curb appeal
Might build 4-6 new units because the lot is very large
What was the outcome?
Just purchased and renovations starting.