Portland Multifamily Fix and Flip

[Brian Claar]

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $750,000
Cash invested: $400,000
Sale price: $1,705,000

The Bellevue Townhomes features eight fully renovated units in the heart of Gladstone, Oregon. The property offers two and three-bedroom floor plans between 900-1,000 square feet. Each unit has a full bathroom upstairs and a guest bathroom on the first floor.
Completely renovated in 2018, these modern units feature beautiful luxury vinyl plank flooring, all new interior doors and fixtures, new cabinets.

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

The ability to get an offmarket, underperforming asset so we could fix and force appreciation through higher rents.

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

Off market with a local apartment broker.

How did you finance this deal?

Local community bank

How did you add value to the deal?

Total renovation including new roofs, siding, and plumbing. Completely gutted and remodeled all interiors to high end flooring, cabinets, and countertops.

What was the outcome?

Sold property for $1,705,000.

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

Yes, I would highly recommend Pioneer Trust Bank based out of Salem, OR. They provided purchase and construction financing at a good LTV.