32 Plex Multi Family

[Lance Jorgenson]

Investment Info:

Large multi-family (5+ units) fix & flip investment in Salt Lake City.

Purchase price: $4,320,000
Cash invested: $300,000

On this property I own 18.75% of the partnership. The plan is the raise the rents from $775 avg a month rent to be $1,100. During the process we are going to update the apartments and make ready to sell in 1 - 2 years.

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

The current rents are really below market rents so we can raise the rents easy and make a lot of money once we decided to sell

How did you add value to the deal?

Raising rents and updating the apartments with with new counter tops, ceiling fans, & plumbing fixtures

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

Agent, Property Manager