First apartment complex

[Beth Matherne]

Investment Info:

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

Purchase price: $332,500
Cash invested: $66,116

this is our first Multi Family, coming fully rented and running with a property manager. we sign everything on Monday then I will be heading over to the complex with our lease and to walk through the apartments again. I am all ears if anyone has any advice.

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

we were looking for a small multi family to start out.

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

We saw it on Zillow, called a relator in the area and put in an offer. I was surprised they accepted it but after talking to the PM further we found out they are wanting to relocate over seas and this was the last property they had. so we probably could have went lower.

How did you finance this deal?

Cash and a commercial loan from a local bank

Lessons learned? Challenges?

talk to the property manager a little more. run the numbers many times, be sure you are 100% clear on the cost, utilities, and speak up if you aren't comfortable with information you are being given.