9-Unit Apartment Transaction

[Paul Schirmer]

I’ve been listening to B.P. Podcast on/off for about a year and a recent piece of advice regarding connecting with other investors is simply to post on the forum a recent transaction/ what we're working on, so here goes:

Several months ago I came across a listing posted on Craigslist ‘By-Owner' for a 9-unit apartment building for sale for 315k in Cincinnati, OH. I was able to close on the property with cash for just under 300k. The property generates about 35k NOI as-is and we have implemented a couple short-term furnished units to further boost NOI with only minor capital improvements. With river views and proximity (5min drive) to downtown, we believe that the real value of the property is in the land and its future redevelopment potential.

I’m simply looking to connect with other investors with like-minded investment strategies: investing in cash-flowing properties with future redevelopment upside. If you checkout my profile, you’ll see that in addition to Cincinnati, I’m also working in Chicago, IL and Tampa, FL markets and would love to connect if you have similar interests.

Thanks,

Paul