Last week, we closed on a 49-unit apartment building located in Elizabethtown (just outside of Lancaster, PA). The property, Savoy Shoe Factory Apartments, is a loft-style apartment complex located adjacent to the train station. The site was built as a shoe manufacturing operation in 1935 and was converted to loft apartments in 1996. Unit layouts are unique, consisting of many bi-level apartments, stainless steel appliances, spiral staircases, large windows, exposed brick, and a large courtyard complete with a play area and two gazebos. All units have individual entrances, and all but a few have a private deck.
We are very pleased with this acquisition. On the journey to closing, we learned a lot of invaluable lessons. In today’s video, I share these lessons with the hope you can apply these to your buy and hold purchases. I hope you enjoy the pictures I have included as well!
How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties
This is the dream right? Going from zero to 10+ rental properties, providing stable cash flow and long-term wealth for you and your family, and building a scalable business model to boot! Learn how this investor did just that, in this exclusive story featured on BiggerPockets!
3 Lessons I Learned by Closing on a 49-Unit Apartment Building
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Thanks for watching and have a great, profitable week!