All Forum Posts by: Matt DeBoth

I do a hybrid version of the BRRRR method for apartment complex's. But instead of taking the cash out during a refi and over leveraging the property I borrow against the equity until the new purchased is stabilized then remove that collateralizarion with the old property. That way my loan is still at 60ish% LTV so my cash flow is good and I'm not over leveraging myself so I'm ready for a dip in the market.

Investment Info:

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

Purchase price: $2,500,000

BIG win with a 48 unit in Des Moines, IA located downtown next to a community college and close to a big hospital. Bought this with ZERO money down and walked away with cash back at closing. Great terms with a local bank. Sellers were not ready to sell earlier this year but when they changed their mind they knew I could close fast and easy. Awesome cashflow and great value add property. After some rehab work and a bump in rents this place should appraise for $3.8M+. On to the next deal.

How did you finance this deal?

Zero money down. Great banking terms.

Investment Info:

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

Purchase price: $2,500,000

BIG win with a 48 unit in Des Moines, IA located downtown next to a community college and close to a big hospital. Bought this with ZERO money down and walked away with cash back at closing. Great terms with a local bank. Sellers were not ready to sell earlier this year but when they changed their mind they knew I could close fast and easy. Awesome cashflow and great value add property. After some rehab work and a bump in rents this place should appraise for $3.8M+. Already looking for another home run deal.

How did you finance this deal?

Zero money down. Great banking terms.

Investment Info:

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

Purchase price: $2,500,000

BIG win with a 48 unit in Des Moines, IA located downtown next to a community college and close to a big hospital. Bought this with ZERO money down and walked away with cash back at closing. Great terms with a local bank. Sellers were not ready to sell earlier this year but when they changed their mind they knew I could close fast and easy. Awesome cashflow and great value add property. After some rehab work and a bump in rents this place should appraise for $3.8M+. On to the next deal.....

How did you finance this deal?

ZERO money down and great bank terms

Investment Info:

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

Purchase price: $2,500,000

BIG win with a 48 unit in Des Moines, IA located downtown next to a community college and close to a big hospital. Bought this with ZERO money down and walked away with cash back at closing. Great terms with a local bank. Sellers were not ready to sell earlier this year but when they changed their mind they knew I could close fast and easy. Awesome cashflow and great value add property. After some rehab work and a bump in rents this place should appraise for $3.8M+. Already looking for another home run deal.

How did you finance this deal?

ZERO money down and great bank terms

@Elmar Deshae where at in SE Iowa are you from? Ottumwa is a great market to wholesale and for cash flow. The appreciation isn’t very good but it’s easy to get 2% rent on your rental units.

Great event. Looking forward to next months meet up.

Booked and ready to go. Will there be a cash bar at the conference?

Investment Info:

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

Purchase price: $750,000
Cash invested: $0

15 unit building near Drake University. Will be increasing rents and and doing some minor rehab to a few units. New laundry equipment and toilets then sell or refi to the next adventure!!!

How did you finance this deal?

$0 down and the seller gave me $10,000 at closing to do the minor rehab work AND got my $10k Ernst money back at closing. Cross collateralized other complex’s.

What was the outcome?

After stabilized will be looking to sell or refi for the next project.

Lessons learned? Challenges?

There are so many deals out there when you network with the right people.

I used a local credit union. They financed the full amount and used equity in another apartment complex to cross collateralize the 20% needed. I had an auction of all the personal property left behind and profited $40k. After I stabilized it and raised rents in March of 2019 the property appraised for $1.54M and I’m now using that equity to cross collateralize into a 48 unit complex for $2.5M also in Des Moines that I will be getting with now money out of my own pocket.