University of Montana 5-plex

[Colin Rimel]

Investment Info:

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

Purchase price: $812,500
Cash invested: $162,500

Purchased for 362,000
Rehabilitated existing building to 3 units (monster house) - 1(ea) 4 bed / 2 bath ; 1(ea) 3 bed/ 1 bath; 1(ea) Studio
Build 2 new units + garage to include 1(ea) 2 bed / 1 bath and 1(ea) 1 bed / 1 bath
Currently grosses $7,350 / mo.
Returns around 16% CoC.

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

First investment, sweat equity and old variance allowing up to 5 units.

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

On market.

How did you finance this deal?

Local credit union financing.

How did you add value to the deal?

Remodeled old house and new construction + 2 new units in prime location.