They Paid Me to Buy Their Apartment Complex

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I am a buy and hold apartment investor in Arlington, Virginia. One of my best deals was an 8-unit apartment complex in a very good location that was for sale for $500K. After approaching the seller and negotiating, we agreed on a purchase price of $445K with the seller holding $95K. He agreed to carry the note in a second position so I was able to obtain a loan for $350K from a trustee who took first position.

At closing, after paying my settlement costs, I received over $3K in rent for the month and $3K in security deposits meaning that as the buyer, I walked out with over $6K in my pocket!

The property always had a good positive cash flow and I used this also as an office for many years. Over the years, I was able to refinance the property twice to pull out cash for other purchases. The original owner always got paid on time and maintained the second note position.

My buyer for the 8-unit was a realtor, who owned several SFH properties. The realtor had been after me for years so it took no time to sell. I ended up selling the complex for $1.76M for an average gain of over 21% per year. Of course, cash-on-cash return was infinite.

I now own a 96-unit in Atlanta and half owner of a 26-unit in Northwest DC. I sold only because it was too good to say no. Several of the apartment properties I purchased and own, were done so with low down creative financing. However, this property was the only one that, as the buyer at settlement, I walked out with more cash than I walked in with.

I walked out with 6K cash on the buy side and I walked out with a hefty check when I sold, so they basically paid me to buy their apartment twice!

George Thibodeau
Falls Church, VA

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They Paid Me to Buy Their Apartment Complex

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