Just closed: a 12-unit apartment complex

[Chiagozie Fawole]

I got interested in real estate last summer and joined BiggerPockets. My goal at the time was to own a 5-unit apartment complex "one day," but it came sooner than I expected. We closed on a 12-unit last Friday!

I learned I will be moving to Rochester (NY) this fall, back in February. I was excited about the new position at the University of Rochester, but even more about the prospect of growing our real-estate business. Our first deal was a rehab in Norfolk, VA, but I wanted to get into the rental property/multifamily space. I started analyzing properties, reaching out to brokers, and in the process found the 12-unit on which we eventually closed.

We bought a recently-rehabbed building, all studios. Our investors put down the out-of-pocket costs, while we secured the mortgage. Purchase Price was $353000, with $3000 as credit towards a new boiler. CAP rate, 11.5%. The property appraised for the purchase price.

I am very excited about this, and would like to thank all those whose stories inspired and encouraged us to move forward. It was a parachute jump, in faith. I also want to thank those who answered my questions and made recommendations along the way - your time spent on the forums produced results!

My goal is to own "200 units by the end of 2017...or its equivalent in flips." So far we're 2 deals down, 13 doors - only by the grace of God.