48 unit cash cow in Des Moines

[Matt DeBoth]

Investment Info:

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

Purchase price: $2,500,000

BIG win with a 48 unit in Des Moines, IA located downtown next to a community college and close to a big hospital. Bought this with ZERO money down and walked away with cash back at closing. Great terms with a local bank. Sellers were not ready to sell earlier this year but when they changed their mind they knew I could close fast and easy. Awesome cashflow and great value add property. After some rehab work and a bump in rents this place should appraise for $3.8M+. Already looking for another home run deal.

How did you finance this deal?

Zero money down. Great banking terms.

[Matt DeBoth]

Yes. I use another apartment building to collateralize with this purchase. Usually I can stabilize/rehab the new property within 6-12 months and then refi so those 2 buildings are not tied together. Then Ill take the equity in my new purchase to buy another complex. Its like the snowball method/BRRRR method but on a larger scale.