Large Multifamily Value Add - Investment Sale - Miami Beach, FL
Investment Info:
Large multi-family (5+ units) commercial investment investment in Miami Beach.
Purchase price: $3,300,000
Cash invested: $500,000
Sale price: $3,500,000
Value add investment, I got into contract in 21 days. 10 tenants where section 8, and the others regular tenant ships. Well kept property, found a local investor, we negotiate terms and pricing.
What made you interested in investing in this type of deal?
I love multifamily deals, and helping not only the community find a great landlord but upgrading the surrounding area.
How did you find this deal and how did you negotiate it?
I helped the seller find the right price. Previous brokerages where only interested in their net commission and not helping the seller. I was able to find the correct analysis pricing and a buyer that matched the needs of the building.
How did you finance this deal?
The building was financed with a local lender. 75% LTV.
How did you add value to the deal?
I added value to the deal, by verifying information, and coming from a place of contribution.
What was the outcome?
The seller and buyer had a smooth transaction with few bumps, and amicably reached the negotiation table, and closed.
Lessons learned? Challenges?
Lessons lenders are taking a bit longer due to the pandemic and election delays. It was a challenge to time it right.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent on the deal, the seller was tough, and he loved my transaction and negotiating abilities.
