Multifamily Adventure Start Up

[Sam Simaan]

Investment Info:

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

Purchase price: $177,000
Cash invested: $45,000

6 Unit Apt. Building in two buildings with 800 sq. Ft. each, renovating each unit as they come up for vacancy.

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

Tired of single family residential for long term equity, want to start a cash flow investment portfolio.

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

One morning told my wife I want to start looking for multi unit properties and pulled up multilistring on the web, after a few minutes saw the property, saw the potential, did some light due diligence, called my realtor, walked it a day later, pulled up tax records, noticed owner behind on payments and it was distressed just enough to make it tough for him but perfect for me & rents were below market rate stress due to lack of improvements...bam! made him a deal he could not refuse!

How did you finance this deal?

5 year with 30% down.

How did you add value to the deal?

Bought as is.

Lessons learned? Challenges?

Nope, all as planned.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate agent (sister in law)