Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $685,000
Cash invested: $250,000
This was a cash cow deal made up of an old converted schoolhouse with two other buildings along side it. All 11 units located adjacent to each other, the deal after stabilization has the ability to net approx. $15,000 a month. Deal has its challenges, that is making some deferred maintenance repairs and dealing with some challenging tenancies. After all said and done should be able to refi out get initial investment back and enjoy the returns upon equity.
What made you interested in investing in this type of deal?
The Cash Flow
How did you find this deal and how did you negotiate it?
Off-Market in a realtors pipeline
How did you finance this deal?
private money with a credit union's commercial funding
How did you add value to the deal?
Property Management and Found it.
What was the outcome?
Successful. Moving through Stabilization rather quickly.
Lessons learned? Challenges?
Working with a team is different.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrew Freed, Zachary Gray, Doug Mercurio.
