I built 15 units with only $130,000 out of pocket

[Logan M.]

In November 2021, I purchased a single-story commercial building in a downtown area outside Provo Utah.

Attached is the first picture of the front of the building. This building will have 8 apartment units, 5 short-term rental units, and 2 office spaces. 

Three keys allowed me to own 50% of this building with $130,000 invested. (To give you some numbers we are all in at 2.1 million and it appraised just shy of $3.2 Million)

This was a seller-financed transaction, the terms allowed us to use the ground as collateral and I brought partners in after I got all of the city approvals, and they took over the future expenses for the seller financing note and the other costs like engineering. 

We leveraged the land and got a bank loan for $1.6 Million.

THESE DEALS ARE OUT THERE!

[Robert Ellis]

Quote from @Logan M.:

In November 2021, I purchased a single-story commercial building in a downtown area outside Provo Utah.

Attached is the first picture of the front of the building. This building will have 8 apartment units, 5 short-term rental units, and 2 office spaces. 

Three keys allowed me to own 50% of this building with $130,000 invested. (To give you some numbers we are all in at 2.1 million and it appraised just shy of $3.2 Million)

This was a seller-financed transaction, the terms allowed us to use the ground as collateral and I brought partners in after I got all of the city approvals, and they took over the future expenses for the seller financing note and the other costs like engineering. 

We leveraged the land and got a bank loan for $1.6 Million.

THESE DEALS ARE OUT THERE!

 did you face any hurdles for land appraisal without seasoning? interview multiple banks? I think a lot of people don't focus on the financing side or what it takes to get a deal done but that is everything