24 Unit Off Market Building

[Corey Griffo]

Investment Info:

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

Purchase price: $650,000
Cash invested: $1

We picked up a very exciting new 24 unit property on the North Side of Lexington.

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

It is a property that we believe has nothing but upside!

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

We found this deal from a direct mail campaign that we directed towards multifamily owners in Lexington

How did you finance this deal?

We purchased this deal with 100% hard money. 8% interest while holding the property to help with initial cashflow figures, and then a catchup to 12% when the property is refinanced.

How did you add value to the deal?

This property was rented substantially under market. As leases turnover, they will be gradually increased and as units become vacant they will be cleaned up and rented at market rates

Lessons learned? Challenges?

On this property, we learned that pest control should be calculated into our cash flow estimates.