14 units. 1 purchase

[Christian Jones]

Investment Info:

Single-family residence buy & hold investment in Rogersville.

Purchase price: $29,643
Cash invested: $1,429

My partner and I purchased 14 properties for $415k. 4 mobile homes and 10 stick builds.

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

I wanted to get rid of the mobile home on my street.

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

I called the landlady. She said she was ready to sell. It took a while to get back a hold of her because the trailer was on the same loan as 2 others. I told her I would take all three. She asked if I would be interested in other houses. I said yes and she offered the other 11. The process took about six months.

How did you finance this deal?

80-20 commercial loan through a small local bank and several debt investors.

How did you add value to the deal?

We are rehabbing each stick built house as we can. We are considering replacing each mobile home with either a new build or a modular home.

What was the outcome?

We own 14 properties. We will likely have 2 evictions in the new year due to two tenants who have a history of nonpayment.

Lessons learned? Challenges?

Still learning. Challenges: rehabbing with tenants. Bought evictions.

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

We worked with the Bank of Billings