Vacant Value-Add 6 Plex Apt. Building in the Midwest (Iowa)!

[DaMarcus McQueen]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Waterloo.

Purchase price: $80,000
Cash invested: $180,000

Hello Investors! Here is One Great Commercial deal in the Midwest!

I have a vacant 6 Plex Commercial property under contract in Waterloo, Iowa I'm looking to sell AS-IS for 80k CASH O.B.O.(negotiable for quick close). Title is clean & Each unit can rent for an est. $700-$800 once rehabbed.

*Taxes currently run about $1200/yr.
*Needs about 100k rehab/60-65k to get rented
*True 6 Plex- Not a conversion
*Apt Mix: (6) 2bd. 1ba. Units in 3 separate buildings
*Each building is 2 stories

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

The owner had a financial issue he needed help solving and I'm just
providing the solution. The property was a distressed property and the owner was in a distressed situation
and those are the types of deals I like to pursue.

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

The property was referred to me by a property scout in the city.
I had one of my partners there go take pics and do a walkthrough of all 3 of the buildings
then I ran my numbers, did some property and market research and then shot my offer to the owner.
He accepted with even countering, lol. Almost made me wish I would've went lower lol.

How did you finance this deal?

I am wholesaling this deal to another investor who is looking to buy and hold a Multi- Unit
and rehab it to get it rented and raise the value. They will be able to pull out all of their invested
capital and still collect cash flow on the property, i.e. Cash-Out Refi or Line of Credit.