7 Plex in La Mesa (San Diego), CA

[Chris Jensen]

Investment Info:

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

Purchase price: $1,100,000
Cash invested: $1

7 Plex in La Mesa. I got a percentage of the deal for providing the general contracting for the extensive repairs to the complex.

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

I've always wanted to get into multi-family deals by providing the services that I am familiar with and good at.

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

One of my property management clients wanted to do this deal but did not have the time to deal with the hassle of construction. I told them that I would supervise the project for them and instead of a General Contractor fee I would take a percentage of the deal.

How did you finance this deal?

I didn't have to. They brought all the money to the deal.

How did you add value to the deal?

Construction supervision.

Lessons learned? Challenges?

Every wall we opened revealed a new set of challenges. We were able to get units rented as they were completed so dealing with tenants and construction at the same time presented a different set of challenges.