Eight-unit apartment building purchased a year ago by the seller. The building was distressed with units in poor condition and rents significantly below market by about 30%. The seller has improved the building raising the rents from an average of $750 to an average of $1100. We also instituted a "no security deposit" program by using insurance bonds in lieu of deposits. These products allow the tenant the option to pay a small monthly insurance premium to the insurer in lieu of a lump-sum full security deposit payment at move-in. We instituted a "no security deposit" program by using insurance bonds in lieu of deposits. These products allow the tenant the option to pay an insurance premium to the insurer in lieu of a lump-sum full security deposit payment at move-in. In addition to increasing rental incomes, these products have enabled us to secure 3 months' rent for a security bond on recent rentals. The seller will hold a 1st or 2nd mortgage for up to 20% of purchase price.
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