Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

Christian and Cody Explain Their First Deal Ever

14 Apr 2026 · 1 min

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0:43

In this interview, Cody Davis recounts the first real‑estate deal he and Christian Osgood closed together: a 38‑unit, 3.5‑acre campus that had been on the market for 13 years. They purchased it when Cody was 21, negotiating seller financing for $1.7 million of the $2 million price. The deal was funded by three partners each contributing $100 k, with no cash reserves and immediate negative cash flow. Reflecting on the experience, they acknowledge several missteps—lack of an operating budget, insufficient equity per partner, and the need to refinance the seller‑financed loan to obtain liquidity. They suggest that, in hindsight, each partner should have contributed about $130 k to cover upgrades and operating expenses, avoiding the later refinance and providing a healthier cash‑flow cushion.

Chapters

It's Cody Davis. He's back on the channel.
Cody, good to see you again, man. This is the first deal we ever purchased together. 38-unit seller finance. This started the entire adventure. Cody, tell us how this deal actually came up and how we got seller finance terms.
Well, it was on the market for 13 years. Got listed when I was 8. We bought it when I was 21. It was listed cash out. Asked them to seller finance and they said yes. So $1.7 million of the $2 million purchase, they said, yeah, we'll take payments on, just find $300 grand. We forgot to do that to the last couple of weeks. And then we did end up putting it together. 3 people, $100 grand each. And we bought this with no reserves, no cash flow. Well, it was negative cash flow. It was a lot of all the wrong things to do.
Everything wrong. If you could go back in time, how would you have restructured this deal? Because we did close it, you know, in our 20s, $0 out of our pocket. But what would we have done completely differently?
It would have been better to ask for like $130 grand per person. So we had an operating budget because this is a big campus. It's 3.5 acres. There's a lot that we did end up upgrading, and if we had been able to do that, we wouldn't have had to refinance our really cheap interest rate with the seller to get liquidity.