Went to view one property ended up buying 3.
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $700,000
Cash invested: $170,000
1.25 acres with 3 properties, 4 unit, 3 unit and a 7 bedroom house. Updated and rented all units within 60 days of closing.
What made you interested in investing in this type of deal?
I had 1031 money and the owner was willing to carry the note for a few years with 20% down. It met most of my 1031 requirement and is in a major growth path. The plan is to cashflow for 3-5 years then develop it into 60+ apartments.
How did you find this deal and how did you negotiate it?
One of the properties was on the MLS.
How did you finance this deal?
20% down owner carry.
How did you add value to the deal?
I am a management genius.
What was the outcome?
Amazing cashflow, helping a lot of people find a place to live and a cool property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with myself and was completely satisfied.