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Updated about 4 years ago on . Most recent reply
14 Unit Apartment Reposition in Orlando
Investment Info:
Large multi-family (5+ units) commercial investment investment in Orlando.
Contributors:
Paul Prokop
We are currently repositioning this multifamily asset. The renovations look beautiful and new tenants will move in starting in 2021.
What made you interested in investing in this type of deal?
The extraordinary economies of scale available in the multifamily space.
How did you find this deal and how did you negotiate it?
Through a great broker, the same way that 90% of multifamily deals are made!
How did you finance this deal?
Seller financing
How did you add value to the deal?
Extensive renovations including granite countertops.
Lessons learned? Challenges?
Negotiations are key to a great outcome. Put your offer in at the price that makes the deal work. Don't be afraid to "lose the deal". Carefully specify the best provisions in your negotiations (interest rate, term, I/O etc.). Don't be afraid to hear "no"!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Sarah Gulati of Gulati Law
Saxon Evans, Director, Realtor, Commercial