All Forum Posts by: Suki Sangha
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Post: San Antonio Texas Multifamily Investment
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Investment Info:
Large multi-family (5+ units) buy & hold investment in San Antonio.
Purchase price: $1,250,000
Cash invested: $1,250,000
A 24 unit value add Property under renovation now. We have raised rents that has created higher vacancy but gives us chance to renovate the building.
What made you interested in investing in this type of deal?
We have been investing in value add properties since 1995. All in California. Some of our partners wanted to invest in other states and we chose Texas. San Antonio seemed to better choice than some other area we investigated.
How did you find this deal and how did you negotiate it?
We have a our team members in San Antonio that help us find and manage these properties. We negotiated with the seller based on current rents, condition, renovation cost and rental area.
How did you finance this deal?
Paid cash.
How did you add value to the deal?
We are in process of renovating the building.
What was the outcome?
Our goal was to cash flow in a year. Now it may take extra six months because of slower renovations due to pandemic.
Lessons learned? Challenges?
Every building we buy has been a learning experience. This time we learned the value of boots on ground.Yes
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. It is important work with agents with local knowledge.