First 5 unit Apartment complex

[Michael Harry]

Investment Info:

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

Purchase price: $275,000
Cash invested: $40,000

First cut is the deepest. I began reading The Multifamily Millionaire after being a Wholesaler/ Real Estate agent for 3 years. I made some pretty strong contacts along the way. With a deeper understanding of multi family and bigger pockets software I was able to secure the funds from one of those contacts at a higher rate (9.5%) to buy our first 5 units. The property was paying for itself from day one with 3 tenants and 2 vacancies. The two vacant units needed heavier than expected rehab.

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

financial freedom

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

We adjusted our aim from single family to multi family. After arming my self with information in large part from the book (The Multifamily Millionaire) and my prior experience in real estate, I was able to contact and follow up rigorously with the owner of the 5 units. While in conversation I was able to pinpoint the owners motivations to sell and made a deal that made sense for both parties.