9 Unit portfolio while in Cuba

[Nathan Waters]

Investment Info:

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

Purchase price: $179,000
Cash invested: $9,500

9 units, 5 properties in a portfolio deal. Most big items have been recently renovated including roofs, furnaces, water heaters etc.

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

Obtaining 5 houses in one transaction while using equity in a home I already owned to cover the majority of the down payment. Not bad, under 10K down for 9 units that cash flow even on an aggressive 10 year note.

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

Through a real estate meetup group. Networking with other investors.

How did you finance this deal?

Cash out refinance on another property to cover majority of down payment. Portfolio loan from a local bank through the commercial lending department.

How did you add value to the deal?

Haven't yet. But I will be slowly raising rents over the next 24 months on the units that haven't been increased in a while.

What was the outcome?

More than doubled the units we own plus opened the door for more deals through networking. we are now under contract for 15 more units through networking. Should be closing on them over the next 2 months.

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

Just a commercial lender and other investors.