Student Rental Madness!!

[Michael Glaspie]

Investment Info:

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

Purchase price: $290,000

I have been able to purchase 10 student rental units using the BRRRR method. Finding off market deals through a wholesaler is the key. Cashflow is excellent.

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

Looking to diversify my portfolio geographically. I already had a presence in a local market near by, so it was an easy progression.

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

A friend and business partner was already in the market and shared his point of contact.

How did you finance this deal?

I was able to use a revolving line of credit to front the purchase and rehab. I am currently going through the refinance process to recoup my capital and pay off those lines of credit.

How did you add value to the deal?

Traditional renovations and getting them rented.

What was the outcome?

Excellent cashflow and equity capture.