Two investors bought a distressed 56-unit apartment complex, fixed it up with their own team, and refinanced it 21 months later for just under $2 million in profit. They also sold an 8-unit property, bringing total gains above $2 million.
56-unit apartment complex.
Purchased in about two weeks.
21 months later.
Just shy of $2,000,000 on the refinance.
Sale of an 8-unit (added to total profit).
Story time.
It's elementary, Watson. We're gonna tell you a story about how we made $2 million on a refinance of our first apartment complex. $2 million.
I love this story and I love this man. So this is just a quick story about our first 56 unit apartment complex. And we purchased this in about two weeks due to the situation. But our property management team and this really the power of a vertically integrated company where we have property management in house, renovations in house, our sales team in house. Everybody is in house. So everybody just got thrown at this project. It was drugs, thugs, and bugs. And when all was said and done, 21 months later, we refinanced and made just shy of 2 million, but then sold the 8 unit, making our total all in profit over $2 million on our very first multifamily deal. It was awes.
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