We did it!

[Bruce Scannell]

Wow...I've heard of some horror stories, about multi-family deals taking forever, then falling apart at the end, and we almost had exactly that happen. But in the end, after much persistence, perseverance and some dumb luck I'm sure, we closed on our first larger multifamily (26 units) last Friday, from 2000 miles away!

I'll spare all the mind numbing details (long distance, aging sellers, attorneys, conservative lenders...), but the process has taught me how different a commercial deal can be compared to any other SFR or small MFR I have done.

I do want to thank a lot of members on the forums here, as well as the many podcast guests, who have knowingly or unknowingly, helped me through this ordeal. 

With that said...I can't wait for the next one!!!!

Bruce  

[Bruce Scannell]

@Kristopher Hanks, I current self manage my SFRs and duplexes, I do have a good support team there, however. For this building, there is a live in manager that gets compensated with free rent. They have been there for a long time and know the building and tenants better than anyone, so I will keep them and access their value for the first year or so. So far, I think they are worth it and plan to keep them for the foreseeable future.