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february 2023 update (+$24,185)
We had a burst pipe which caused some damage and we submitted an insurance claim. The insurance payout was quite large. We will see what the actual cost of the repairs will be, but I suspect they will be much less than the insurance payout.
january 2021 update (+$4,177)
We are rocking and rolling with cash flow from this property. We are closing on a cash out refinance today which will allow us to pull out literally all of our capital (plus a few thousand extra). We got a great deal here and now we have a property cash flowing over $1000/month with no money in the deal. Time to buy another one and do it all over again.
november 2021 update (+$3,922)
This 4 unit is starting to turn into the shining star that we expected when we bought it. All units are filled, the Air BnB (30 day min) is pulling in big money, and we are signing new leases (with higher rents) with 2 of the inherited tenants. We will be pursuing a cash out refi in the next few months.
october 2021 update (+$1,335)
We now have 3 out of 4 units filled with a lease signed on the 4th unit. One of the rehabbed units is being rented as a furnished 30-day minimum rental. This is kind of a test on our part, to see if that unit performs overall better than the other units, which are rented traditionally. Vacancy and extra cleaning/maintenance will be factored in, as well as extra utility costs. Should be interesting!
august 2021 update (-$3,087)
Paid property taxes, plus 2 units are vacant and nearly done being rehabbed. Hopefully, at least one of those units will be completed and rented soon.
july 2021 update (+$12)
Break even month since we still have 2 units vacant and being rehabbed. We replaced the roof and are in the middle of an excavation project to improve drainage, and also to provide better access to the basement.
june 2021 update (+$619)
As of this writing, we have 2 units vacant and should be filling them with tenants in the next month or two.
may 2021 update (+$108)
So excited to be adding this property to the portfolio. This 4 unit in Chocolate Town, USA has so much value-add potential, it’s mind blowing!
This is the first of several properties representing a slight shift in strategy. These are occupied, larger multi unit buildings that we got great deals on because they are underperforming. I think of them as kind of a long term BRRRR. It will take at least 6-12 months or longer to get the units turned over, rehabbed, and rented at market value. The bigger deals mean more cash flow and an even bigger equity prize at the end.
Since we are in the “rehab” phase I’ve estimated that we will break even on cash flow since we will almost always have a vacant unit that’s being worked on. As the units turn and rents increase, I’ll update the projected cash flow numbers. This place is gonna cash flow like CRAZY when it’s done.