Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $125,000
Cash invested: $25,000
Six unit apartment building consisting of (3) two-bedroom and (3) one-bedrooms. Bought and repaired with cash, did a cashout refi, and took $165,000 out of the deal. Cash flows $3,000/mo
What made you interested in investing in this type of deal?
Thought it could be a cash cow because the realtor wrongly listed the property as single family.
How did you find this deal and how did you negotiate it?
MLS, Paid asking price in cash
How did you finance this deal?
Cash
How did you add value to the deal?
Take out all the garbage piled up in units, new paint, and flooring and raised rents
What was the outcome?
Flipped and rented all units within three months of closing on the property
Lessons learned? Challenges?
The biggest challenge was not to over-improve and keep the cost of the remodel down
