Multi Family Cash Cow...

[Garrett Hawk]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $2,000,000
Cash invested: $1

76 unit value add apartment complex

Currently cash flowing at a 9 cap rate with 17 empties

The plan is to invest 20,000 in renovations into the empty units and have it performing at a 14.5 cap rate.

Property was purchased with the seller carrying 10% and the other 10% was secured through equity in other properties.

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

The large amount of upside in the deal. Also, the ability to refinance and bring home a much higher return.

How did you find this deal and how did you negotiate it?

The listing was public on the MLS. I negotiated it as a buyer/agent.

How did you finance this deal?

Partial seller finance. The bank financed the rest.

[Garrett Hawk]

Originally posted by @Yonah Weiss:

Congrats @Garrett Hawk! Looks like an awesome deal! Out of curiosity, is it in an area that you are familiar with? Will you directly be managing it.

Keep us posted on your progress.

Yes. I have a management company that will be overseeing the project with an office person and onsite maintenance man.