Island road purchase

[Lauren Griffin]

Investment Info:

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

Purchase price: $442,500
Cash invested: $242,000

I only had 10 days to analyze this property. I used cash and a LOC to purchase this property, we have been making improvements i.e replacing roofs, appliances, updating interior and exterior, etc. We will be refinancing in March and my goal is to recoup all of my cash and finance at 100% with nothing down.

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

It was a good deal and potential for increase

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

The second deed of trust holder that was foreclosing called me and asked if I would be interested in purchasing. So I worked with the current owners, and second deed of trust holder to come up with a purchase price that would clear the first and second. A price where everyone was happy.

How did you finance this deal?

Half cash and half from a LOC

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

Just myself :)