We went full-cycle on our January 2020 24-unit in Norfolk, VA!

[Melanie McDaniel]

Investment Info:

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

Purchase price: $1,430,000
Sale price: $2,800,000

My partners and I bought a 24-unit, C-class apartment in Nofolk, VA, January 2020. Covid was tough on us. Our bank gave us four months of forbearance, which kept us afloat, but barely. At many points in the two year hold we had 10 paying units, but a 100% occupied property. The moratorium assistance came in very sporadically. We had one cycle of having to fire a PM, countless evictions, but finished the cycle with a sale at twice what we bought it for. We turned about $360k into $1.7M. Not bad.