Tempe Multifamily Investment

[Alex Jones]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Tempe.

Purchase price: $360,000
Cash invested: $360,000

My LLC bought a single family home with a long rectangular lot parallel the street. We are in the process of two lot splits, separating the house from the land and splitting remaining land into two parcels. The plan is to sell the House after lot splits are approved to recoup our initial investment and develop the remaining parcels by building a four-plex on each.

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

The growing demand for multifamily housing in Phoenix.

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

Found it on Zillow and I used a real estate agent familiar with the market to negotiate on my behalf.

How did you finance this deal?

Partnerships.

[Ryan Swan]

Nice little project! Were the lots already zoned R3 or did you have to get them re-zoned?