Brand New Multi-Family Build 2 Rent

[Brock Holliman]

Investment Info:

Large multi-family (5+ units) other investment.

Sale price: $1,330,000

This is one of 5 buildings that we are starting on! Each building includes 7 individual "Townhomes For Rent". They all feature a very sleek & modern design. We are currently offering these as a pre lease for spring of 2020. Our plans are to sell the first 2 buildings and keep the remaining 21 units.

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

I have always wanted to get into the multi-family space. This is our first actual residential project that consists of more than 2 doors (duplexes).

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

This deal was just on the MLS! I picked up one lot and got it pushed through for a 7 unit "townhome for rent" building.

How did you finance this deal?

The lot was paid for in cash. The construction is being financed by a private money lender that I met at a conference in California.

How did you add value to the deal?

Since this was a ground up construction project, the value add was fairly straight forward. :-)

What was the outcome?

We are currently under construction. 2 of the 7 units are under contract and we plan to be sold out prior to completion at the end of March 2020.

Lessons learned? Challenges?

There were a ton of challenges and lessons that were learned since this was my first multi-family development dealing with Florida Water Management, wetlands, planning & zoning, etc.