20 unit apartment building with no money down!

[Rob Wilson]

I've been in real estate management and investing for 9 years and I have a recent acquisition that I hope will motivate others.  I've been sitting on the sidelines too long, it's time to contribute!

I sent out 600 letters to local owners of multifamily properties and had quite a few calls from the letters.  Sent them 3 times before I reached the right owner on the right day, where he was just mad enough about landlording to want to sell his property.

20 Unit apartment complex

Purchase Price: $285,000 (approx 15k unit)

30 year amortized loan 5% with a 5 year call (100% owner financing, but he did take a 2nd mortgage on another house I own)

Tax Return NOI average: $32,000 over the last 4 years

Expected NOI after proper management: $50,000

Equity after stabilized: $100,000-$150,000

As purchased the property cash flows around 1k a month with no money down!  After the property is stabilized it will net around $2500 a month.

Bonus:  There is a back lot that came with the apartment complex and is of no use to the operation of the complex.  I have it under contract for $72,500 cash.  Pending zoning approval this lot will be sold and I will be able to put some cash into my pocket.

Thanks for reading my deal!  I hope this motivates some people that these deals do exist.  I can't wait to read some of the comments.

Rob

[Rob Wilson]

Originally posted by @James Enright:

Can we see a copy of the letterhead to read the verbiage that you use? Much appreciated!

Here ya go:

I’ve spent a significant amount of time researching multifamily communities, and have identified your property as one I would possibly be interested in, should you have the desire to sell it.

My name is Rob Wilson and I’ve been lucky enough to take over my family real estate business, which I’ve been working on for the past 8 years. I’m looking to expand our business and am seeking an opportunity where I can use my hardworking management team to help provide affordable housing.

I am in a position to move quickly if the right opportunity presents itself. I am interested in finding units that meet my long term goals, which include purchasing low to moderate income properties, located in Charleston South Carolina, containing 4-100 units.

I have the financial backing to pay cash for your property, but I am also willing to discuss land contracts, and other creative financing should you be looking for interest income or other ways of creating cash flow.

Most importantly, should you have the desire to sell; I am willing to pay a fair market price for a property that fits my investment goals. Please contact me at [REMOVED] or by email [REMOVED] if you would like to discuss the sale of your property.

Have a great day,

Rob Wilson

PS. Vacant properties in need of rehab are OK!