6 unit deal in Fort Wayne, IN

[Anthony Tumbiolo]

Investment Info:

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

Purchase price: $250,000

6 unit property.

Buying, renovating, increasing rents, then will hold long term.

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

Neighborhood is turning and is walking distance to downtown.

This property was a value-add opportunity.

Can improve property, increase rents, and cashflow nicely.

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

Off-market, broker brought it to me

How did you finance this deal?

25% cash down and 75% loan from a local bank

Will be funding renovations through a line of credit + cash

How did you add value to the deal?

- Going to be remodeling each unit (new appliances, bathroom, countertops, refinishing floors, etc)
- Changing heat from gas to electric because electric is metered so tenant pays
- Adding AC to each unit, which will be electric also
- Improving common areas
- Improving curb appeal

Might build 4-6 new units because the lot is very large

What was the outcome?

Just purchased and renovations starting.

[Anthony Tumbiolo]

@Michinori Kaneko we've thought about it. given my background in business and managing projects it's def something we've discussed as an option

ya, we are getting pretty serious haha. haven't been overly impressed with GCs or PMs so figured we'd just have her get the license and we'd manage it all and then handle all property mgmt. will definitely be a learning curve because its managing physical units vs software but will be a fun challenge 

and yes, stock market was wild today / past week. real estate is a great asset class :)