Twenty One Unit Deal in Jamestown, NY

[John Bonhomme]

Investment Info:

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

Purchase price: $290,000
Cash invested: $79,787

My largest purchase and toughest deal so far. Had this one under contract since Pre CoVid in February 2020 and finally closed in late September of 2020. Property seemed to be mis managed by owner and had an awesome property manager who is also a real estate investor. Seemed to be a home run deal that could potentially net me 2k+ a month after all expenses including Cap X and Mortgage. Has the potential to be a grand slam deal. Time will tell. This brings me up to 67 Units! on my way to 100! Have two more under contract currently. I will hold at 100 units and begin to use Thach's strategy and pay down debt.

Hope everyone is staying healthy and safe.

God Bless

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

Potential for big positive cash flow

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

Loop Net, contacted agent

How did you finance this deal?

Local Mortgage Broker

How did you add value to the deal?

Gave Property Manager more ability to navigate

What was the outcome?

to be determined

Lessons learned? Challenges?

By far the longest deal I've ever had. Had this under contract pre, during, post COVID. Thought this deal wasn't going to close. Thought about backing out and killing the deal several times. Was constantly pushed back. Had a 98 email thread with everyone involved trying to get this thing to close. Had to drive 14 hours on day of closing to get proper documents to all parties. Incredibly difficult deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Taylor Bennet
Joe Priora
Kristin Lee Yaw