24 unit apartment complex - Joplin, MO

[Robert Lipscomb]

Investment Info:

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

Purchase price: $950,000
Cash invested: $190,000

24 unit apartment complex. Mostly HUD tenants.

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

I'm just getting started in multi-family so I wanted to stay close to home. These apartments are located just down the street from the main drag in Joplin (Wal-Mart, Target, restaurants, etc.) and they are close to some higher end apartments. There is also a large lot on the back side of the apartments that I plan to develop with more multi-family buildings.

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

This property had been listed for a while so I just went through the seller's agent. The owner was asking $1.2 million. I took the cash flow, assumed a 50% expense rate and made an offer.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Just bought it.

What was the outcome?

Just bought it.

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

Andrew Bright out of Joplin, MO.