This property is a five-unit multifamily building situated on a 7,800 square foot lot. Built in 1987, the building features four spacious units, each offering 1,012 square feet of living space with two bedrooms and one bath, and a cozy 506 square foot one-bedroom, one-bath unit. The property is equipped with modern amenities including forced air heating and central air conditioning, ensuring year-round comfort for tenants.

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

"I was particularly drawn to this type of investment because it aligns with several of my long-term goals. First, the potential for tax write-offs makes it an attractive financial strategy, allowing me to optimize my tax obligations while building equity. Beyond the financial benefits, this investment also provides an opportunity to spend quality time with my children and grandchildren, as we work together to manage and grow this asset. This hands-on involvement is invaluable for teaching them a

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

I found this deal through my daughter and wife, who are both real estate agents specializing in commercial properties. They identified the opportunity and facilitated the negotiations, using their market expertise and strong connections. Their efforts ensured we secured favorable terms that aligned with our investment goals.

How did you finance this deal?

I financed this deal by connecting with the Total Quality Lending Team, whom I discovered through BiggerPockets. They provided the expertise and resources needed to secure the right financing for my investment. Their guidance made the financing process smooth and aligned perfectly with my investment strategy.

How did you add value to the deal?

I added value to the deal by carefully evaluating the property's potential for increased rental income and implementing strategic improvements. By making targeted upgrades and ensuring the property was well-maintained, I was able to enhance its appeal to prospective tenants, thereby increasing occupancy rates and rental income. Additionally, my long-term focus is on maintaining strong tenant relationships and ensuring a high level of property management.

What was the outcome?

The outcome of investing in 9121 Chesapeake Blvd has been positive, with the property achieving full occupancy and generating a steady rental income. The strategic improvements and proactive management have not only increased the property's value but also enhanced tenant satisfaction, leading to a stable and reliable cash flow. This investment has proven to be a solid step towards building long-term generational wealth.

Lessons learned? Challenges?

One of the key lessons learned was the importance of thorough due diligence, particularly in understanding the local market and the specific needs of potential tenants. A significant challenge was managing the renovation process while ensuring minimal disruption to existing tenants, which required careful planning and communication. Additionally, I learned the value of leveraging expertise within my network, such as my family’s real estate knowledge and the support of the lending team.

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

Yes, I worked closely with my daughter and wife, both of whom are exceptional real estate agents specializing in commercial properties, and I would highly recommend them to others. Additionally, I partnered with the Total Quality Lending Team, whom I found through BiggerPockets, and their expertise and support in securing financing were invaluable. Both teams provided outstanding service and played a crucial role in the success of this investment.