First Land Contract/Seller Financing

[Dante Pirouz]

Investment Info:

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

Purchase price: $250,000
Cash invested: $25,000

Purchased 8 units across 3 buildings from an investor seller that had allowed for years of deferred maintenance to build up. Good solid buildings in need of better care and management.

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

Wanted to do a deal without having to deal with the uncertainty of a bank and we were able to negotiate a ridiculously low down payment.

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

The seller had listed the properties for years with no takers and I negotiated with him over about 2 years to get all the terms worked out.

How did you finance this deal?

Seller financing via a land contract

How did you add value to the deal?

New plumbing, new metal roof, paint, flooring, vanities, countertops, furnaces, electrical, fixtures, outdoor lighting, new driveway, appliances.