Near Northside Quad -- Future STR / MTR units

[Tyler Lingle]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $565,000
Cash invested: $190,000

This property was an off-market lead from a broker in my network. We purchased it for $565,000 but I was happy to see appraisal for $642,000! It was a large initial cash investment and I brought family member on as cash provider in the deal, while I manage and oversee it. The total gross rents are $4600, however we plan to furnish two units and manage it with my managment entity for STR / MTR and boost rents to $5500-6500 within year or two.

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

The cash flow potential and the A class area of town!

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

Off market through broker connection.

How did you finance this deal?

Formed LLC with family member who brought the cash. We are 50/50 equity partners.

How did you add value to the deal?

I will furnish 2 units and lease them to travelers on mid-term leases.

What was the outcome?

TBD...

Lessons learned? Challenges?

TBD...

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

I represented myself on the transaction as an agent. I am using T&H to manage it at the moment.