Investment Info:
Large multi-family (5+ units) buy & hold investment in Mayslick.
Cash invested: $200,000
This magnificent Building was built in 1909 and served as a public school until the mid 60s. The building was converted into apartments in the 80's but was abandoned around 2012 after a catastrophic failure of the wastewater treatment plant, the building set vacant until 2016 when I was able to purchase the mortgage from the bank and foreclose on the property. after much work and long nights I was able to renovate the building and with my background in waste water I was able to repair and obtain a permit for discharge from the state of Kentucky. October 2017 we opened the main floor of the building for occupancy and since that time have completed the building and now provide housing for 13 families, with all new HVAC, appliances, and wood flooring.
What made you interested in investing in this type of deal?
A commitment to building my business, and saving a beautiful historical building.
How did you find this deal and how did you negotiate it?
While looking at property in the surrounding area.
How did you finance this deal?
about 30,000 was my life savings and i put y house on the line to secure the financing for the building.
What was the outcome?
We now have one of the largest Apartment buildings in our community, it has really given my company the much needed reconazation to get deals closed and secure financing for other projects.
Lessons learned? Challenges?
never take no for an answer! Negotiate
Do not let the doubts of others cloud your dream
