I finally purchased my first rental

[Daniel Vasquez]

Investment Info:

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

Purchase price: $903,000
Cash invested: $328,000

I bought a 6 unit apartment complex using funds from a 1031 exchange. I purchased a single family home which I planned to hold as my first rental, but ended up selling it after my rehab. The proceeds we're $190,000 from the sale and I found a good QI to handle he exchange. I identified this property on day 59 (You only have 60 days to identity your replacement property) which was listed by a realtor friend of mine...Very lucky!

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

I wanted a long term buy and hold property that cash flowed.

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

It was listed and luckily I was friends with the listing agent, who guided me into being the highest bidder.

How did you finance this deal?

I used commercial financing

How did you add value to the deal?

This was a fixer and I'm upgrading the units as the tenants move out.