11 Unit Multi-Family Apartment Building

[John B. Waugaman Jr.]

Investment Info:

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

Purchase price: $360,000
Cash invested: $71,000

Large brick and mortar building in the heart of Ceredo, WV that was build in 1895. It was redone by previous owner who was looking to move on. Owner was very friendly to work with and even assisted in some needed repairs after the agreed upon price because he was happy the work was being completed. Took ownership with 10 of the 11 units occupied and minimal needs to prepare vacant apartment for rent.The building is in need of some coping and gutter work as well as some tuck pointing.

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

Opportunity to double our portfolio in one purchase and have multiple units under one roof in a nice little town.

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

Our agent brought the deal to us and handled negotiations directly.

How did you finance this deal?

Line of credit with established banking partner.

How did you add value to the deal?

By addressing the needed repairs with the owner and asking him to assist with some of the cost even after negotiating a price.

What was the outcome?

So far, so good. Time will tell as we introduce ourselves to the tenants, redo leases, and get to know the place.

Lessons learned? Challenges?

Still learning. I am sure there are some surprises awaiting us.

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

Yes, Craig Zappin, Next Move Realty. HIGHLY RECOMMENDED!