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Updated almost 5 years ago,
Second deal: Sixteen unit apartment building
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $540,000
Cash invested: $120,000
This is our 16 unit apartment building.
What made you interested in investing in this type of deal?
Love multifamily. We want to go bigger, faster.
How did you find this deal and how did you negotiate it?
Funny enough, I found it on LoopNet. I negotiated (with the behind-the-scenes help from my wife) it all myself directly with the seller.
How did you finance this deal?
Seller financing and raising 100% of the down payment from family and friends via personal notes.
How did you add value to the deal?
Still in the process of adding value...
What was the outcome?
Will let you know when it is time to refinance!
Lessons learned? Challenges?
The cash flow represents when all of the units are rented. Keeping the place fully rented is currently one of the challenges. I receive calls and emails almost daily, but have a strict credit score requirement which turns most who are interested away.