Investing in WNY

[David Gagne]

Investment Info:

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

Taking this 34 Unit building and turning it into 15 market rate apartments with 3 Commercial storefronts.

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

This is an anchor building in a village where we already own another commercial Property

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

Listed the traditional way. We made an all cash offer and offered the seller a quick close.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

We got a deal on the building because the last deal fell through and we stepped in and were able to provide a cash offer and a quick close. Our value of the building was based on its potential to gross approx. 22K a month and the amount of work it will take to get it there. We offered a little less than half of the deal that fell through and about 25% of the original asking price.

What was the outcome?

It is a new deal so there is much work that still needs to be done. Right now we are in the process of working with our architect to design the layout.