All Forum Posts by: Steve Arel

 Ya thats what made it hard to pass up. But there was lots of baggage with it for sure between the tenants and  deferred maintenance and needing a 4 story porch redone. But thats what I'm using a lead grant for and some interior stuff.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,255

3 bed 2 bath with 2 car garage

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

Value add opportunity.

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

Actually found this one on the MLS

How did you finance this deal?

Cash

How did you add value to the deal?

Some New floors, remodeled kitchen and one of the bathrooms, finished the siding, and lots of fresh paint

What was the outcome?

Great equity add

Investment Info:

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

16 units 4-4 unit buildings on one property each unit has a garage bay included and additional parking out front as well. Nice area in lewiston

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

Location Location Location

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

Off market and worked hard to get seller financing

How did you finance this deal?

Seller financing

How did you add value to the deal?

By purchasing below market, bought into equity

Lessons learned? Challenges?

Should have raised rents more in the beginning but still doing well enough for me

Quote from @Kerry Baird:

That is a lot to chew on.  Things often DO take longer, and cost more, than expected.  Hopefully, you have enough cash flow to keep going on the renovations.  How many are occupied now?  

14 of the 16 are currently occupied. The other 2 it was easier to leave vacant for the time being because of the lead paint program im going through. Once that project is complete they will fill quickly. Rents are very far below market but still cashflows well not so lots of good future opportunity with this one

Quote from @Zachary Chart:

Is this on one of the "tree streets" in Lewiston? I have always been weary about investing in this area even though on paper it sounds like there is a lot of cashflow to be gained! section 8? Good luck with this project keep us updated on progress please

Its not the tree streets, but close to those areas. I own another 10 unit down the street though and the area isn't too bad really. I have a mix of section 8 and regular cash tenants. Cashflow is super solid because it was so cheap at only 12,500 per unit. 

Investment Info:

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

Nice little quiet area. Purchased as part of a package deal

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

Location of the properties and 27 units at once

How did you finance this deal?

Seller financing

Investment Info:

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

6 unit in lewiston, off market deal. Part of a 27 unit package

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

Location of the properties in the package

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

Off market deal, worked hard to negotiate a seller finance deal

How did you finance this deal?

Seller financing

Investment Info:

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

Purchase price: $200,000
Cash invested: $24,000

16 unit good bones building bought at an amazing price as an off market deal since it had many downsides but the downsides are just temporary. I describe this one as the beauty is in the balance sheet

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

Large unit count and lots of value add opportunity

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

Off market deal fell into my lap and negotiated a cash offer using a line of credit

How did you finance this deal?

Heloc

How did you add value to the deal?

Evicted 7 out of 16 units to get rid of the trouble tenants. Rehabbing units, new porches with a grant program in the works and eventually updating siding as well

What was the outcome?

A year in and lots of progress made but still a long way to go. Lots of equity built into this deal just on day 1 and getting better as time goes on

Lessons learned? Challenges?

Things always take a little longer than expected.