Updated over 4 years ago on .
Great success in real estate
Investment Info:
Large multi-family (5+ units) commercial investment investment in Jonesboro.
Purchase price: $310,000
Cash invested: $60,000
Contributors:
Andres Duarte
8-plex. local bank gave us a 15%down interest only for 12 months with an appraisal subject to. We refinanced with the same bank on 12-2020 pulled our invested capital back out and the property is now worth 400k. We created 80k worth of equity in a few months time.
What made you interested in investing in this type of deal?
Deal came from a broker, small but we wanted a foot print to get started in this market
How did you find this deal and how did you negotiate it?
Broker was the owner, he came to us through another broker we had met in person and made a quick relationship with.
How did you finance this deal?
Local bank, just called all of em. Now all our locals deals flow through them. Great relationship
How did you add value to the deal?
Fix a roof, upgrade some of the tenant base, raise rent to others. Minor cosmetic repairs to half the units
What was the outcome?
Cash out refi our initial investment (down payment + repair costs) plus have 80k of equity left
Lessons learned? Challenges?
Rough area, got solid property management fortunately that is specialized in the area.
Lesson learned?
A power washer is great for removing blood from the parking lot after one of your tenants shoots and murders someone. (true story)
