607 Budd St Carthage NY 5 unit

[Jonathan Gardner]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Carthage.

Purchase price: $300,000
Cash invested: $13,000

We bought this property off market (It was on craigslist). They wouldnt accept our terms until a few weeks gone by with no other offers. We over paid for the property to get terms but locked in a good rate (6%) for 3 years and got the property fully occupied in 2 months as it only had one when we bought. This is going to be a buy and hold

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

It was off market, great terms with a little under 7% down to acquire the property with a 3 year balloon w/6% interest. Its also a value add with increasing rents and a few more units

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

Craigslist and over the phone, we will give you your asking if you give us terms

How did you finance this deal?

Owner financing

How did you add value to the deal?

Lowering the vacancy and market value rents was quickly reachable

What was the outcome?

as of june 2023, we are still working out some deferred maintenance but its coming along great and we put on a new roof

Lessons learned? Challenges?

I learned how to properly run numbers and analyze a deal even with good terms.