Hollywood 10plex purchase

[Julee Felsman]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,500,000
Cash invested: $400,000

1970s building in Hollywood.

What made you interested in investing in this type of deal?

We didn't think we were interested in buying another building, but fell for this one due to the neighborhood.

How did you find this deal and how did you negotiate it?

It was listed in the MLS.

How did you finance this deal?

Seller financing.

How did you add value to the deal?

The building is in good shape but very original, cosmetically. We inherited the building with 3 vacant units (to which we did cosmetic upgrades). We will remodel the rest one by one as they come vacant.

What was the outcome?

Too soon to say... but we hope to stabilize this into another nicely cash-flowing building. We could see moving to one of these units when we're ready to downsize. It's a great walking neighborhood.