Updated over 3 years ago on . Most recent reply
My first mini-large-multi-family acquisition
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $1,000,500
Cash invested: $260,000
My first multi-family investment property. And, I took it down ALONE and off of the MLS! Of course, nothing happens alone. I had a great inspection team, used my realtor, found a new loan officer, and a received at least a little bit of patience from the seller dealing with a realtor and buyer that had never done a commercial or multi-family property.
I self-manage, with assistance of a handyman. So, my actual cashflow is higher, as there are no management fees. But, one tenant was evicted right before closing (which I'm okay with), which hits my cashflow and then rents have gone up slightly. So, the cashflow isn't currently $1200. But, my plan is to get the right 10 people into my little village, raising rents where I can. A sale in 3-5 years should double my investment. But, I'm a buy-and-hold kind of guy. So, we'll see.
