Just closed deal in ABQ

[Colby Fryar]

Investment Info:

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

Purchase price: $900,000
Cash invested: $210,000

My partner Denny Le and I just closed on this 12 unit property in Albuquerque. Property in great condition with significant improvements. 0 cap-ex needed which dramatically improves the returns. Even though we paid at or above market, this is still a great value-add opportunity based on our unique model going forward. We think one needs to be very creative in this market in order to get any deals and reduce the risk going forward.

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

We have a great relationship and partnership with a local property manager and a local non-profit group.

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

We found this through our broker.

How did you finance this deal?

Commercial financing.

How did you add value to the deal?

We have a unique value-add model going forward.

What was the outcome?

TBD but so far property is fully occupied, functional and cash-flowing. Cash flow day one is paramount!

Lessons learned? Challenges?

Make sure and solidify partnerships prior to getting deals.