12 units BRRRR Wichita KS

[David Thompson]

Investment Info:

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

Purchase price: $170,000
Cash invested: $205,000

Purchased 12 units (three quads) for $170,000 rehabbed for $205,000. Appraised for $550,000 and was able to get all our cash out to move into the next deal!

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

low unit cost in a C area

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

Property manager brought me the deal.

How did you finance this deal?

hard money- 90% purchase and 100% rehab

Had to but 150K into the deal with down Payment and going 80k over budget.

How did you add value to the deal?

Full Rehab

What was the outcome?

Cash out Refi, got out 172k (initial investment plus 33k)
Rented out all units for 3,300 per month cash flow 40% ROI

Lessons learned? Challenges?

Better due diligence & Better contractors

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

Asher House Renovations (GC)
Ashley Collins (broker)