1st Multifamily Commercial Purchase

[Thomas McTier]

On Friday my business partner and I closed on our 1st commercial multifamily property which was a 9 unit apartment building. Hightlights of the deal are below.  I am grateful and blessed for all the people which helped get this transaction completed. @Nick Tarlton thanks for being a great partner and friend on this deal and looking forward to our next one we get done. @Michael Magno my agent this is our 2nd deal closed together(that's 11 doors in 9 months) and many more to go. As always thanks for being accessible and being my eyes in market. Anyone looking for an experienced agent Michael will take care of you. To my lender @Edwin Glaude with Bavex lending, we cut it close on closing but thanks for getting it lined up to close on time. Anyone looking for a good lender who's knowledge and can provide great terms contact Ed.  

9 unit apartment building consisting of four 1 bedroom 1 bath and four 2 bedroom 1 bath and 1 studio. 100% occupied, value add opportunity as some units will need to be lightly updated (carpet, paint and appliances) Rents are under market and will have the ability to increase rents right away.

Purchase Price- $325,000

Cash Invested- $84,000

Monthly cashflow- $1,500

Location- Akron, Ohio