1325 West Market Street Complex

[Jacob McKissick]

Investment Info:

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

Purchase price: $267,995
Cash invested: $63,000

6 Unit Apartment Complex with $3,600 gross monthly income, 4 One bedroom apartments & 2 Two bedroom apartments.

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

I loved the location & thought the building was pretty! I really thought it was nice place to live & had great history in rents. 100% occupancy with great rents... no brainer

How did you finance this deal?

Commercial deal with a local lender with 25% down

Lessons learned? Challenges?

Financing!!! Very difficult to find a lender to finance a 22 year old self employed kid! I went to many lenders who turned me down but found the one who did. Commercial loans are very different from the normal residential loans I was used to.

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

I used myself to negotiate & work the deal as I am a licensed Realtor. Chase Doll with Union Bank financed the deal which did amazing job for me. Highly Recommend!