20 Unit Building MTR Conversion

[Kyle Reedstrom]

Investment Info:

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

Purchase price: $932,500
Cash invested: $450,000

20-unit building converting from LTR to fully furnished MTR/STR. Furnished Flats Fargo. Website: https://furnishedflatsfm.com/

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

We liked the idea of partnership on a bigger project with the specific MTR strategy in order to increase NOI and exit in 3-5 years.

How did you finance this deal?

We had a 70/30 investor structure to fund this deal.

What was the outcome?

In process....stabilization in 12 months

Lessons learned? Challenges?

Security brought some learning lessons for us. Also, tenant management was a very delicate process while changing from LTR to MTR/STR