Third of Three Investments in Naples - Manor Dump

[Brian Langstrom]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $295,000
Cash invested: $15,000

A really big pig in the Manor. Risking it all on this one. Needs Roof, A/C and all interior walls ripped and rebuilt.

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

It was the cheapest thing I can find.

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

Ex Wife found it and I negotiated it. Advice, don't invest with your wife.

How did you finance this deal?

I paid cash.

How did you add value to the deal?

I accepted the tenants in place at a terrible rate.

What was the outcome?

Accepted and closed in 21 days.

Lessons learned? Challenges?

Do not invest with a spouse or girlfriend. I have two other investments I need to buy her out and change ownership. I need to move fast to buy in the market. I took all the equity out prior to divorce so she cannot claim.