Third Deal in 2022 in Columbus, OH

[Bryan Escudero]

Investment Info:

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

Purchase price: $580,000
Cash invested: $95,000

We purchased a 6-Unit property in downtown Columbus, Ohio. This property is in a high appreciation area and will be a long term hold. We acquired the SFH next to it and aim to purchase the whole block. Our exit or step up will be to sell to a developer or build to rent.

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

After closing our first two deals in TN, we wanted to focus on a higher appreciating market and we were able to move into the Columbus, OH market.

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

I worked with Jon Styer who I found on BP. He is very knowledgeable in the Columbus market.

How did you finance this deal?

I worked with a broker who helped me get a commercial loan.
5.25% 10/20
25% Down

How did you add value to the deal?

We will be doing some beautification on the exterior and raising rents to market. They are about 25% depressed. If the tenants are paying well, we will step them up, but as new tenants come, we will increase rents faster.

What was the outcome?

So far, so good. We just closed last week, but we are excited to prove our management of the property and the long term acquisition of the surrounding properties.

Lessons learned? Challenges?

The creation of the entity was backwards on this one. I learned to have that more buttoned up for the next one.

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

@Jon Styer who is a member of the BP community was what got this deal done. His knowledge and great attitude were key for this deal.