In this episode of the Midwest Multifamily Exchange, I dive into the details of my latest acquisition, a 22-unit Light Tech (Low-Income Housing Tax Credit) property in Marshall, Michigan. This is my first active multifamily investment, a significant step up from my previous experience in syndications. I share the story behind the deal, how we managed to purchase the property at a remarkable price, and our plans for adding value through rent increases. I also explain the basics of Light Tech, discussing how this tax credit program works and the benefits of investing in such properties. If you're interested in multifamily investments, particularly in affordable housing, this episode will give you valuable insights into navigating this unique sector.

Timeline Summary:

[0:00] - Introduction

[1:33] - Introduction to my first active multifamily investment.

[3:34] - Overview of the 22-unit Light Tech property acquisition.

[4:41] - Explanation of Light Tech and its benefits in affordable housing.

[6:00] - Why Marshall, Michigan is an ideal location for this investment.

[8:30] - Discovering the value in under-rented units and our plan to increase rents.

[10:27] - Details on the property’s appraisal, financing, and our strategy to refinance.

[14:19] - Challenges and learning curves associated with managing a Light Tech property.

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