Garrison Ave Investment

[Patrick McKinney]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $1,065,000
Cash invested: $40,000
Sale price: $1,800,000

Multi-family that was acquired renovated and sold as two separate condo units. All in 22% return.

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

I had cash, and wanted to put it into something less traditional than stock-market holdings.

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

This was a friend of mine that is a developer. As we talked more he told me about the opportunity and potential upside which interested me.

How did you finance this deal?

I put up some of the capital to help close and pay for construction loans needed to flip the multi into condos.

How did you add value to the deal?

Cash

What was the outcome?

Success, 1.22x return on investment.

Lessons learned? Challenges?

I wish I got more involved with the process. I was a passive investor so I could have learned more being closer to the project.

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

Kinvarra capital - they are growing.