Updated almost 6 years ago on .
Concord Apartments 32 Units
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $1,400,000
Cash invested: $400,000
32-unit
B- Complex
~$7,000 cashflow per month after mortgage in year 1 & 2 (interest only period)
~$5,000 cashflow per month after mortgage year 3+
What made you interested in investing in this type of deal?
It was in a good location and property was in good shape.
How did you find this deal and how did you negotiate it?
I found it driving by and sent letters and cold called
How did you finance this deal?
Freddie Mac SBL Loan
How did you add value to the deal?
Raise rents by ~$50 per unit
What was the outcome?
Rents were successfully raised
Lessons learned? Challenges?
A challenge was that COVID-19 hit right before closing and closing was delayed and new COVID-19 addendum required by Freddie Mac to bring an extra year's worth of mortgage payments up front to escrow.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
CBRE secured financing and did an excellent job.
