All Forum Posts by: Skip A Schenker
Skip A Schenker has started 1 posts and replied 3 times.
Post: Mixed Use Multi Family Gut, Buy and Hold
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Hi @Jaycee Greene Primarily about the cash flow. It as a foreclosure that was priced right. Also, transforming communities is part of my MO. It is across the street from a park in a family community and we made a difference in that community.
What do you do as a Consultant?
Post: Mixed Use Multi Family Gut, Buy and Hold
- Posts 3
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Yes. Here's the before, during and after photos.
Post: Mixed Use Multi Family Gut, Buy and Hold
- Posts 3
- Votes 0
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $516,000
Cash invested: $600,000
Converted mixed-use 3 residential and large commercial space into 5 residential units and one mixed-use Building.
What made you interested in investing in this type of deal?
Cash flow and transform the neighborhood.
How did you find this deal and how did you negotiate it?
On-line Auction Foreclosure Website.
How did you finance this deal?
Yes.
How did you add value to the deal?
Gutted to the studs and rebuilt the building. Converted large commercial space into 2 residential apartments.
What was the outcome?
Buy and hold for cash-flow
Lessons learned? Challenges?
Where do I start??? Cost overruns were tremendous. Dealing with the City for permitting. Dealing with PG&E to relocate the meters due to proximity to gas meters.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I acted as the real estate agent. Was paid sales commission to sell it to myself.
