5 Unit in Ardmore, AL

[Chris Mignone]

Investment Info:

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

Purchase price: $285,000
Cash invested: $10,000

This property is a total of 2 acres. It has 2 duplexes and an ADU on it that were all rented slightly below market rents. There was also a camper on the property that had previously been rented out. There is another 1 acre of land that can be developed however we see fit. We may build more units when labor and material costs come down, or possible set up mobile home pads to lease out. We also may consider selling the property to another buy and hold investor if we came across the right offer.

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

We are always looking for solid properties to add to our portfolio.

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

Our property manager brought it to us before it went on the market.

How did you finance this deal?

We used a bridge loan from a national lender who specializes in working with investors.

How did you add value to the deal?

We made necessary repairs that had been deferred by the previous owner and have started freshening up the units.