My First deal, but now looking to sell
Investment Info:
Large multi-family (5+ units) commercial investment investment in Aberdeen.
Purchase price: $280,000
Cash invested: $120,000
6 unit one bedroom apartments
3 storage units
What made you interested in investing in this type of deal?
I was able to buy this as my first deal. I used owner financing for the deal and have been able to cash flow and use this property as a bank to buy other properties.
How did you find this deal and how did you negotiate it?
I had a relationship with the owner and knew they were looking to sell. But after more talks I learned they really wanted to have cash flow without the headaches of ownership and managing people.
How did you add value to the deal?
I have renovated half of the units and raised all the rents
What was the outcome?
I still own the deal today and currently have about 50% debt on the property. The property still cashflows nicely.