8 unit multi family. New construction

[Brandon Michielli]

Investment Info:

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

Purchase price: $60,000
Cash invested: $150,000

This project started as a ran down tri-plex that we demolished and are in the middle of putting up a 8 unit apartment. The roof is now on and the windows are in. We hope to be renting it out this spring

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

Growing my real estate portfolio.

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

Another investor friend of mine had acquired this property to do the same thing and didn't have the time to tackle it. I did some business favors for him to obtain it for myself. (We landscaped some of his other developments)

How did you finance this deal?

Paid cash to purchase and used First Interstate Bank to fund the project.

How did you add value to the deal?

My partner and I own excavation, trucking, and materials businesses. We do all our own dirt work, sewer hookups, landscaping, and demo work.

What was the outcome?

Yet to be seen.

[John Montgomery]

So you're going to have a completed 5 plex for $210K? Wow...good job!