6 unit complex in Fremont, Ohio

[Derek Genzman]

Investment Info:

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

Purchase price: $125,000
Cash invested: $25,000

Six unit apartment building consisting of (3) two-bedroom and (3) one-bedrooms. Bought and repaired with cash, did a cashout refi, and took $165,000 out of the deal. Cash flows $3,000/mo

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

Thought it could be a cash cow because the realtor wrongly listed the property as single family.

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

MLS, Paid asking price in cash

How did you finance this deal?

Cash

How did you add value to the deal?

Take out all the garbage piled up in units, new paint, and flooring and raised rents

What was the outcome?

Flipped and rented all units within three months of closing on the property

Lessons learned? Challenges?

The biggest challenge was not to over-improve and keep the cost of the remodel down