149 N Barranca set of 5 apartments

[Andy Lanyi]

Investment Info:

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

Purchase price: $1,750,000
Cash invested: $1,750,000

Set of five apartments, In a nice area of Covina. All apartments have a two car garage, and HVAC, washer and dryer, and they hove their one water heater.

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

I pulled out 1,500,000 out of another set of apartments and had to get something that was not in the red as soon as i purchased them.

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

MLS with an agent.

How did you finance this deal?

with some cash on hand and pulling 1,500,000 out of another set of apartments.

How did you add value to the deal?

Only a new roof and eliminated some trees that were causing plumbing problems

What was the outcome?

Nothing yet

Lessons learned? Challenges?

I should have waited and had more cash of hand before i made the investment, they are boarder line in the black. The only reason they are in the black is that they are reducing my federal and state tax rate.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

not at this time