First Multi-Family and in the rust belt

[Aaron Bashore]

Investment Info:

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

Purchase price: $177,000
Cash invested: $10,000

4 units in red brick apartment building built in 1950's on same property as existing home which is a single family with an efficiency apartment built on back built in 1920's.

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

Multi-Family interested me because of the compounding affects. The owner was willing to come down to 177k from 210 because we came in with a cash offer from a financer.

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

Found it on Loop Net. We negotiated through our realtor: Rodner Literal.

How did you finance this deal?

Private loan.

How did you add value to the deal?

We haven't done any work to it.

What was the outcome?

Cash flow from day 1

Lessons learned? Challenges?

The parking lot estimated to cost over $20k to repave. We expected $10k. Warning: Asphalt is stupid expensive.

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

Rodney Literal is a great realtor and property manager.