we bought a 192-unit property from a bank for $2.3 million. The bank originally had a mortgage on it for $4.3 million. The process of buying a property below the mortgage value is called short selling, which is what we did. We put $850,000 into it and repositioned the tenant base. This took 18 months. We resold it for $5.6 million and made $2.1 million. It took four months to sell.
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Redemption - (no access) - [David_Lindahl]_Multi-Family_Millions_How_Anyone_(b-ok.org).pdf, p71
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