1000 Constitution Ave NW - Washington, DC

[Ty Voyles]

Investment Info:

Condo fix & flip investment.

Purchase price: $1,200,000
Cash invested: $220,000
Sale price: $1,561,000

Three unit, four level apartment building. Purchased and converted to condos. Sold two units to existing tenants and renovated the third unit for a market rate sale.

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

Loved creating homeownership for the two tenants in place who brought this deal to us. By structuring two below market rate purchases for them and renovating a vacant unit to achieve a market rate resale, we were able to find multiple wins for all stakeholders.

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

The tenants were friends of friends who didn't want the building sold out from under them. They reached out to us to see if there was a creative way to help them become homeowners instead of apartment movers.

How did you finance this deal?

We were able to stack a seller financed, zero interest note atop a small bank loan. The seller retained the ability to collect rent in lieu of charging any interest and accepted a 100% 12 month balloon note. The bank took a second position due to our deep business relationship with them.

How did you add value to the deal?

Creativity, financing, renovation, condo conversion.