All Forum Posts by: Daniel Vasquez

 Yea the initial plan was to find an operator and lease the building to them, and I had a healthy list going into it. I threw it on here for more exposure. 

 This is exactly the though Russ, the plan is to find an operator to lease it to, but if I can find someone to take it off my hands, that works too. 

The short of it is that I'm in contract to purchase a 15 bedroom assisted living property in SE PDX with 7,500 sq ft including a finished basement on about .75 acres. It certainly needs some updates but as far as I can tell, it was built as a care facility and was licensed as recently as November. This is not exactly in my wheelhouse so I'm looking and open to selling, assigning or leasing this property. I'd like to keep it off market. 

 Thanks @Kristen L Garner!

 @Nathan Harden Hah, honestly it was quite lucky that she was the listing agent. 

Thanks @Kurt Lane, I will! 

 Thanks @James Bailey, the 1031 process was certainly a learning one where I messed up a few times and luckily they were all correctable. Ad for your friend, I'm based out of Portland OR and this one was in a suburb or Portland. 

 Thanks @Alex Ramirez I'm looking forward to many more!

Investment Info:

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

Purchase price: $903,000
Cash invested: $328,000

I bought a 6 unit apartment complex using funds from a 1031 exchange. I purchased a single family home which I planned to hold as my first rental, but ended up selling it after my rehab. The proceeds we're $190,000 from the sale and I found a good QI to handle he exchange. I identified this property on day 59 (You only have 60 days to identity your replacement property) which was listed by a realtor friend of mine...Very lucky!

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

I wanted a long term buy and hold property that cash flowed.

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

It was listed and luckily I was friends with the listing agent, who guided me into being the highest bidder.

How did you finance this deal?

I used commercial financing

How did you add value to the deal?

This was a fixer and I'm upgrading the units as the tenants move out.

@Jonathan Hasan

Hey Jonathan, sounds like a lot of these people don’t like wholesalers. I’m not one of them. I’ve been an acquisitions manager for several real estate investment firms and have enjoyed working with many wholesalers.

Getting your license is a good idea since you can get access to listed properties and perhaps even capture a commission. If you don’t want to go that route, I’d recommend you work closely with the investors you already have and when you write offers, have these investors give you their purchase price. This does a couple things, if gives you legitimacy since you actually do have a buyer. You also learn how investors underwrite deals. This is all assuming wholesaling is legal in your state. I hope this helps!