12 Unit buy and Hold

[Carl Creviston]

Investment Info:

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

Purchase price: $210,000
Cash invested: $35,000
Sale price: $250,000

12 unit rehabed and updated

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

the numbers made sense

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

Real estate agent

How did you finance this deal?

contract for dead

How did you add value to the deal?

flooring and updated appliances

What was the outcome?

small profit

Lessons learned? Challenges?

I am not a fan of multi units as you can imagine the people that rent in these situatiuons are mainly transient. I constanly had 2 units open. The issue is the units had to be rented to cash flow in addition to expenses. Those last two units that seemed to always be open were the reason it never cash flowed properly.

In hind site if I would have invested in some amenities on the property I would have added value and been able to increase rents.

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

NO