Investment Info:
Small multi-family (2-4 units) buy & hold investment in Philadelphia.
Purchase price: $30,000
Cash invested: $90,000
Sale price: $240,000
This was a deal that we picked up through wholesale and rehabbed it into 3 apartments. 2, 2 bed 1 bath units and 1, 1 bed/ 1 bath unit. this building has been fully leased up for the past 2 years.
What made you interested in investing in this type of deal?
Up and coming market, large properties in this area, multi-family property, high cap rate and we purchased it at deep discount.
How did you find this deal and how did you negotiate it?
Was a deal that went bad for my partner that was sold illegally. This caused us to think outside of the box by purchasing off of the true owner who was out of state.
How did you finance this deal?
We have a great relationship with a private money lender that funds the majority of my construction deals.
How did you add value to the deal?
We completed a full rehab to the entire property after it had been vandalized.
Lessons learned? Challenges?
So many lesson learned, through bad contractors to fraudulent subs, stepping up by adding sweat equity. Which allowed me to become a much more savvy investor through understanding budgets and team building.
