First R.E investment project

[Alex Cordero]

Investment Info:

Small multi-family (2-4 units) other investment in San Diego.

Cash invested: $50,000

Business partner owned a multi-family, three units needed to be fully rehabbed to increase value. Rehab was completed within four months. Refinanced and pulled out equity after appraisal was complete and value add confirmed. Exciting project.

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

Making my money work for itself.

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

Met this particular business partner at a Hospitality networking event at Las Vegas, also happened to be a real estate investor.

How did you finance this deal?

Creative Financing, 20k of my own funds and 30k borrowed at 0% for eighteen months.

How did you add value to the deal?

Rehab units that were in poor condition and not taken care of.

What was the outcome?

10% return and a percentage of profit.

Lessons learned? Challenges?

Multi-Family is an entire different ball game than single family flips.

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

N/A