Van Buren 7 multi family in Topeak KS for 95K

[T Brian Nauheim]

Investment Info:

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

Purchase price: $95,000
Cash invested: $20,000

After listening to the 90 day challenge- I ended making an offer on this 7 unit apt building.
owner in Czech republic and having a baby and was ready to sell. We bought it for 95K, its appraised at 117K.
5 units are rented and will cash flow Once we finish the the other 2 units, the property will cash flow at over $1400 a month.
I got some money for down pay, my brother got the loan and we are forming llc for this property and hopefully more soon.

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

I wanted a buy and hold that would cash flow.

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

found it online. Was the first to the door with offer. Offered full price and waived inspection.

How did you finance this deal?

20% (19K) down on a conventional loan.

How did you add value to the deal?

There are still 2 units that need to be finished to have all units rent ready. One is an extensive turnover and the last unit is a total rehab. its down to studs, but is plumbed and wired.

What was the outcome?

Cash flow

Lessons learned? Challenges?

Well see. tenants/repairs/

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

there was a listing agent. I called around and found a agent to represent me and my brother. I'm in OR. he's in Topeka.
She's been really on top of the transaction.