Updated almost 7 years ago on . Most recent reply
7 unit property closed Lansing, MI
Investment Info:
Large multi-family (5+ units) buy & hold investment in Lansing.
Soon to be 7 unit apartment building blocks from the Michigan Ave corridor.
What made you interested in investing in this type of deal?
Cashflow
How did you find this deal and how did you negotiate it?
Off Market, made a lowball offer that was accepted
How did you finance this deal?
Seller financing 20% down at 6% with a five year balloon.
How did you add value to the deal?
2 Units were never renovated and need to be gutted to the studs. The house was renting as a 5 unit building and the numbers still made sense as a 5 unit building. We are now in the process of getting these units up and running to maximize the value of the property.
What was the outcome?
This is in process.