112-unit acquired for under $35k/door

[Paul Wilcox]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Garden City.

Purchase price: $3,900,000

112-units, 2-bed, 1.5 bath units

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

value-add, long-time self-managed "mom & pop" seller, rents way below market, right outside Savannah, GA

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

9 month brutal negotiation that almost fell thru twice. Persistence and determination closed this deal.

How did you finance this deal?

Freddie Mac, 10-yr, 12 mo I/O, 75% LTV

How did you add value to the deal?

addressing deferred maintenance, rebranding, increasing security, upgrading curb appeal and interiors

What was the outcome?

just took ownership