Just Closed Quad With 6.78 GRM in Shandon!

[Brian Poirrier]

Investment Info:

Small multi-family (2-4 units) other investment in Columbia.

Purchase price: $220,000

Exclusive buyers agent, featuring lowest current GRM for MFR in Shandon in last 24 months.

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

It's an incredible location in Shandon, walking distance to Devine, cash flowing with good rents in place to start.

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

Listed on the MLS, and through my local network of having spoken with the listing agent and seller previously about other properties which may have helped with wanting to work on this together as I'm well versed with multifamily assets and transactions and don't work with unqualified buyers that play games.

How did you finance this deal?

Conventional investment lending at 25% down.

How did you add value to the deal?

By negotiating not only the price based on condition which had a laundry list of problems including a hand full of larger items but also that we had the right buyer willing to figure out the problems throughout the transaction and take it on.

What was the outcome?

Successfully closed, although not on time due to a rouge appraiser, we navigated the process as smoothly as possible, given the situations.

Lessons learned? Challenges?

Appraisers vary greatly and unfortunately there is no uniform clear guidelines on how issues can or should be addressed based on loan type and there is no repercussion for appraisers not submitting reports within their timelines to keep the buyer out of breach of contract. Fortunately we were able to work everything out.

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

I will continue to be the best and work the hardest for my clients when it comes to Columbia MFR. Not only will I present the clearest analysis of the deal, but I will negotiate the best price at the same time presenting my buyer in the best light as the story of the deal is as important as the numbers from initial offering, due diligence, through closing. Shout out to Guild mortgage for getting the loan worked out and Bill Graham for helping to keep the deal together through it all.