All Forum Posts by: Lane Koehn

Hey guys sorry for the late reply, it has slipped my mind to update my post! So we have successfully completed the rehab and have actually sold the property for a nice profit. The reason for selling is we realized the property class and size isn’t what we were wanting long term. We have since rolled the profits into a bigger deal, 18 units and are well on the way to having a great newly rehabbed asset with great upside. We are super thankful to our friends and fellow partners in the deal to help bring it all together! It’s a team sport!

Hi guys! So I work with a couple of investors and we have bought and rehabbed several smaller multi family apartments that we currently manage. We are joining forces with a money partner who is in the medical field who is going to use his connections to raise money for some deals in the future. We will be using his personal capital along with our own for the first deal but after that be using raised money. We are going to structure our business right with a lawyer, cpa, ect. My question is this; those of you that have done something like this how did you structure your partnership for a smooth simple operation? Any input would be appreciated! Thanks!

Thanks for replying! Yes I went to the city planning and zoning. It is all legal... it has a special use permit and was on the lot before the area was zoned r4.

Ok yes that’s what I’m planning on doing... it’s a big enough and a true apartment building not a residential home conversion so I believe it’s all above board, just getting into the due diligence. 

So I’ve been cold calling and found a owner Who wants to sell a 6plex plus a single family house on a r4 zoned lot. The house cannot be separated from the multi family lot he says ...my question is what about the r4 zoning with a 6 plex on it? He has a full basement underneath that they have started framing in more apartments but quit before they ever got them finished. I’m new to this and need some advice! I don’t know the age of the building yet, but I believe it’s 1970-80ish? Could’ve it been built before the zoning changed to r4?perhaps it’s grandfathered in? Thanks in advance for any pointers!

Sorry for the late reply! Yes the project is underway... we’ve completed the first unit and have a renter in place on a yearlong contract...were hoping to finish up and get it refinanced this summer not sure how long the seasoning period will have to be before we can refinance though...hopfuly getting the tenants on lease contracts vs month to month will shorten that period!

Investment Info:

Large multi-family (5+ units) buy & hold investment in Twin Falls.

Purchase price: $250,000
Cash invested: $30,000

We bought a five unit apartment with owner carry financing

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Private money

How did you add value to the deal?

Rehab/ brrrr

What was the outcome?

To be determined

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes