156 units in the South with more on the way!

Our target area is the South.  We were fortunate to come across a deal that was on a local broker's website.  Loopnet did not turn up any deals for us so I did a google search on local commercial brokers in the area.  It is a C class building filled with families.  It is in an area where the rental market is strong and expected to grow and the surrounding area is constantly being impoved.   

Our original plan was to use a HUD loan which would return our original investment in six months and give us unlimited ROI but the property had not been stable for 90 days so we needed to do a bridge loan while the property stabilized.  It is now at over 90% occupancy and we have begun working on the HUD loan. 

However, this deal took us seven months of work and we had to be able to close quickly in the end.  Our broker specializes in off market deals and we are working on our next 100+ units deal.