7 plex - 100% cash out refinance!

[Tony Stephan]

Investment Info:

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

Purchase price: $660,000
Cash invested: $132,000

7 unit apartment purchased on market in October 2021 for $660k. I completed a value add play and did a 100% cash out refinance in 2022 with an appraised value of $1M.

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

A+ location!

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

It was on market via the MLS with a residential agent.

How did you finance this deal?

80% LTV with a local CU. I put down $132k.

How did you add value to the deal?

Increased rent roll from $700/unit to $1150.

What was the outcome?

$1M appraisal and cash out refinance of $250k.

Lessons learned? Challenges?

Imperfect action beats standing still!

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

No.

[Tony Stephan]

Quote from @Scott Reigns:

solid man! share more on how you did it

 Full video here on YouTube brother. Search: Tony Stephan 7 unit. Post any questions you have happy to answer!