Out of State Rental Purchase

[Shawn Washington]

Investment Info:

Sixteen multi-family Apartments out of state

Purchased Sixteen units out of state

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

The monthly rental return

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

Found a Realtor through my brokerage

How did you finance this deal?

Conventional loan financing through a bank

How did you add value to the deal?

Completed upgrades to individual units that allowed rents to be increased

What was the outcome?

Increased rents provides greater monthly return

Lessons learned? Challenges?

Twelve of the Sixteen units were tenant occupied. Many of the tenants were not screened properly and caused issues with non payment, evictions and damaged units. Normally I require all units to be vacant prior to purchasing which allows me to screen each tenant thoroughly.

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

I worked with a local Realtor that did a great job. I've used the agent multiple times with additional purchases and continue to use them.