All Forum Posts by: Ian Appold

Investment Info:

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

Purchase price: $210,000
Cash invested: $7,000

6 unit multi-family apartment building Toledo OH

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

Price

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

Current buyers had fallen through agent called me and asked if we wanted it, was a good price so I took the deal

How did you finance this deal?

Cash

How did you add value to the deal?

Raised rents

What was the outcome?

Increased monthly cash flow

Investment Info:

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

Purchase price: $600,000
Cash invested: $34,000

12 Unit apartment complex in Rossford OH

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

Rossford is an up and coming suburb of Toledo good value add opportunity

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

Got it off market through a commercial agent

How did you finance this deal?

Cash

How did you add value to the deal?

Raised all rents to current market rate as well as renovate some of the dated units

What was the outcome?

The property still has yet to be stabilized

Lessons learned? Challenges?

Knowing the current financial states of your tenants as most of them here receive rental assistance, which is usually very delayed making it difficult for them to ever be current.

Investment Info:

Retail buy & hold investment.

Purchase price: $965,000
Cash invested: $105,000

5 commercial spaces and 1 residential space in downtown Toledo.

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

Awesome location in downtown, 1 block away from the Mudhens stadium with a solid tenant base.

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

Was brought to us through our partner in the deal. Had originally agreed to 1.2 million but used the COVID market conditions to negotiate the price down.

How did you finance this deal?

66-33% split with our partner

How did you add value to the deal?

Since purchase we have turned one of the commercial spaces into a residential unit and turned another space into a restaurant for one of the current tenants so he could expand his restaurant operation.

What was the outcome?

Increase in monthly cash flow

Lessons learned? Challenges?

Getting permits from the city is a huge pain. So getting things right the first time is very important because you do not want to have to have them reschedule and come back. It holds everything up. Make sure you hire the correct people.

Investment Info:

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

Purchase price: $925,000
Cash invested: $67,000

Bakery Building downtown Toledo mixed use building with both commercial and residential tenants

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

Wanted to expand our presence in the downtown area

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

Was for sale for a couple years but never found a buyer, Building was put up for auction on TenX

How did you finance this deal?

80% cash other 20% borrowed against financial securities

How did you add value to the deal?

Have invested a lot into the property as a lot of the maintenance had not been taken care of over the years it was for sale. Most of the residential apartments have received upgrades to bring them up to the standard for the area.

What was the outcome?

Building is still a work in progress as it is quite large and more renovations still need to be done. However once it is completely finished it will be a great cash flowing asset for years to come.

Investment Info:

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

Purchase price: $515,000

Large multi-family Apt (13 units) in Toledo OH

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

Located in a very desirable part of town for blue collar workers

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

Off market through an agent in my network

How did you finance this deal?

Cash

How did you add value to the deal?

Raised all tenants rents to market rate

What was the outcome?

Still own the property

Lessons learned? Challenges?

Raising every tenants rates at the same time can lead to mass panic and vacancies. Better to raise rents at a slower rate.

Investment Info:

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

Purchase price: $560,000
Cash invested: $7,000

Large multi-family in Toledo OH, 8 units across the street from Westfield mall

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

Property is located next to 2 other properties in the portfolio.

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

Property was on the market for several months with out a lot of action. The owner dropped the price to the point to where value would be reflected in the purchase price.

How did you finance this deal?

Cash

How did you add value to the deal?

Raised all the rents to reflect the market rate

What was the outcome?

Still own the property

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $250,000
Cash invested: $27,000

Small multi-family quadplex in Toledo OH

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

Was located next door to one of our other units. Also located in good part of town

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

Was contacted directly from the owner as they knew we purchased the property next door. Settled on a price of $250,000

How did you finance this deal?

Cash

How did you add value to the deal?

Added coin laundry in the basement as well as made some upgrades to current units such as flooring, kitchen remodel and new fixtures in the bathrooms

What was the outcome?

Still own the property today

Lessons learned? Challenges?

Probably over spent on some of the fixtures as well as put in nicer countertops and appliances that were needed. Also do better background checks on potential tenants

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $215,000
Cash invested: $25,000

4 unit small multi-family in Toledo OH, located right across the street from the Westfield mall in Toledo OH

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

Great price and in a good area of town

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

Got this off market through an agent that I had networked with.

How did you finance this deal?

Cash offer

How did you add value to the deal?

Since it was already offered at a great price there was not much value add to be done. But since the purchase all units have gotten some sort of an upgrade which in turn have increased all rents by 30%

What was the outcome?

Still own the asset

Investment Info:

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

Purchase price: $325,000
Cash invested: $20,000
Sale price: $395,000

This 7 unit was purchased as a buy & hold with a time line of 3 to 5 years in Toledo OH. Was a major opportunity for a value add and to add a cash flowing asset to the portfolio.

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

Networking with a broker and was able to buy it separately from the portfolio sale.

How did you finance this deal?

Cash offer

How did you add value to the deal?

Upgraded several of the apartment units by adding new flooring, paint and new bathroom tile.

What was the outcome?

Sold 3 years later for about a 20% return and used the proceeds from the sale in a 1031 exchange to upscale