Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $1,694,000
Cash invested: $423,500
3 buildings each with 6 units. Rents were 10k per month in one month I raised it to 16600. We will have it to $18700 in one year. Worked in all closing costs and repair credit of 150k. I manage the property and have a team of guys who handle all repairs.
What made you interested in investing in this type of deal?
I helped a client purchase this home
How did you find this deal and how did you negotiate it?
MLS listing
How did you finance this deal?
Commercial lender
How did you add value to the deal?
I based it on rental income and future rental income. I built a calculator that gives us estimated ROI and Future ROI. Once a deal falls into the right category, I find an investor that wants it.
What was the outcome?
Currently doing better than projected and we are Cash out refinancing this property.
Lessons learned? Challenges?
More repairs then estimated and we were spending to much on contractors. I have put together a team that cut costs in half for all future flips or repairs needed.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tyler Wilcox
