22 Units in Des Moines

[Matt DeBoth]

Investment Info:

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

Purchase price: $725,000

21 Apartments, 1 commercial warehouse, 3 acres of commercial land all part of 1 parcel

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

Cash flow

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

broker

How did you finance this deal?

bank, $0 down

How did you add value to the deal?

new tenants

What was the outcome?

cash cow

[Matt DeBoth]

I used a local credit union. They financed the full amount and used equity in another apartment complex to cross collateralize the 20% needed. I had an auction of all the personal property left behind and profited $40k. After I stabilized it and raised rents in March of 2019 the property appraised for $1.54M and I’m now using that equity to cross collateralize into a 48 unit complex for $2.5M also in Des Moines that I will be getting with now money out of my own pocket.