Aparthotel in Idaho

[Greg Croft]

Investment Info:

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

Purchase price: $1,140,000
Cash invested: $40,000

100 year old 10 unit aparthotel in sleepy little resort town.

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

I like older buildings and want to see them last. This one has performed well and with some clean up will likely operate even better.

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

MLS system.

How did you finance this deal?

Started operating a few months prior to purchase while we waited for SBA loan. Actually used money from managing as big part of down payment. Additional loan came from our HELOC

How did you add value to the deal?

Automation has been a huge part. We are also remodeling each unit but letting the building fund those changes.

What was the outcome?

Increase in peak months was nearly double what previous owner received. We look forward to seeing how it does as we make the physical improvements to the building.

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

Aside from being an architect I’m also a realtor.