Off Market Deal Muti-Family

[Lance Jorgenson]

Investment Info:

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

Purchase price: $1,726,500
Cash invested: $11,557,095

11 unit apartment built in 1953 and is located in the Avenues in Salt Lake City. Unlike most properties in
the Avenues, this property features covered parking for each tenant which is a great amenity to the property. Originally
built in 1953 the property has been updated over the years and is in very good condition. Current rents are approximately
17.53% under market.

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

That the rents were under market value

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

Meet with owners and work out a win win for both parties

How did you finance this deal?

Conventional loans with my partners I am a 17% owner on the deal

How did you add value to the deal?

The ability to increase rents

What was the outcome?

Excited to add assets to my Portfolio

Lessons learned? Challenges?

That it is important to always be working on resources and money streams so when deals come along you can the deal down.

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

PM me and will go over details with me

[Andy Jenkins]

How did you approach the owners initially, given it was off market? Covered parking for tenants is a huge plus here in the Aves.

[Lance Jorgenson]

This is the same owner that we bought the my Castle Gate property from.  It was my partner contact and did the negotiations.   

[Dmitriy Fomichenko]

@Lance Jorgenson nice!

[Meagan Martinez]

Hi Lance,

are you still doing flips in the Salt Lake Valley?

I would love the opportunity to bring you deals that fit your criteria. 

[Lance Jorgenson]

Im always looking for deals