5 Unit Apartment Building - Second Deal

[Lucas Miles]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Fairmont.

Purchase price: $98,500
Cash invested: $35,000

This was my second deal, an off market 5 unit apartment building.

Property had a significant amount of deferred maintenance, but structurally sound and in a great location.

Completed full rehab on one of the units, and smaller updates in the other units. Rehab was more expensive then I estimated, but was able to split 3/5 units to separate electric, and add a separate office/storage area in the basement.

Will rehab the other units as tenants move out, and eventually split the last 2 units to separate electric. Continually update the property to add curb appeal and attract higher quality tenants.

Started to added systems to my business and hire out the work with this project. Continuous improvement! Excited for the next project.