Updated over 5 years ago on . Most recent reply
- Real Estate Broker
- Minneapolis, MN
- 67
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11 Unit Apartment Building
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $880,000
Cash invested: $220,000
11 Unit Apartment Building
What made you interested in investing in this type of deal?
Nice suburb, good cash flow. Had the same owner for many years, maintained fairly well. Went in and fixed up units as the tenants turned. Raised all units rents $100 or more.
How did you find this deal and how did you negotiate it?
Off market from a real estate agent
How did you finance this deal?
Bank financing
How did you add value to the deal?
Fixed up each unit when tenant leaves, took caretaker off her reduced rent and had her pay closer to market value rent. Building was under rented compared to market so raised all the rents $100. Added to the bottom line right away.
- LeAnn Riley