5 unit multi family wit great cashflow.

[Jack Young]

Investment Info:

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

Purchase price: $278,000
Cash invested: $50,000

5 unit with great potential! The rents were far below value allowing for great cash flow. Lots of work has already been done, but the few things to really make it better are left to do. hopefully within a year it will all be done.

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

It had been on the market for years and the locals were all overlooking it. Its also just down the street from another property I own

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

realtors

How did you finance this deal?

commercial loan

How did you add value to the deal?

We will be upgrading the heating to separately metered natural gas furnaces. Its all there, just need the furnaces installed.

What was the outcome?

Its all still in progress for the most part but we have had gains in the cash flow of over 600/mo already with a lot more to go.

Lessons learned? Challenges?

I've discovered the right of first refusal law within the BC tenancy act and this has thrown things off some, but its a little more of an adjustment to the overall plan than anything else

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

I used Myra Grodzuik as she is a property manager in town as well as a realtor. She is giving a good deal on the management fee because of the units I have with her. So far so good!