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The top of this page displays a Dashboard Summary of all of my key performance metrics. Scroll down for a detailed month-by-month account.
march 2022 update ($1,241)
Closed on the refi this month and got all of our investment back plus $30k. Great success! We did have one unit open up unexpectedly - it was the only one that wasn’t renovated. So we’ll be renovating that unit and the final numbers will be updated accordingly.
february 2022 update (-$1,205)
Paid for property taxes and insurance. 5th unit is filled and the refi will close soon.
january 2022 update (+$4,389)
4 out of 5 units occupied. One of the new tenants paid several months in advance. The last unit is almost done, and we will be pursuing a cash out refinance in the next few weeks. Another great multifamily project purchased in 2021.
november 2021 update (-$233)
Hopefully, last month of this property being a liability. We have 3 beautifully rehabbed units that got filled in early December, so the script should be flipped going forward into 2022!
october update (-$470)
We have two units done, and another one almost done. Hopefully, we should be cash flowing well in a month or two!
september update (-$2,849)
Paid property taxes, and we continue to rehab 3 units.
august update (-$1,394)
Paid insurance, plus we only have 2 occupied units right now. The other three are all being rehabbed! This will be a drag on cash flow until those units get rehabbed and rented.
july 2021 update (-$112)
Adding another property to the mix! We just purchased this one in June. At purchase, there was one vacant unit and the other 4 were *severely* under-rented (40%-50% under market rents!). In the last 2 months, we’ve had 2 other units move out…I think the tenants have realized the party is over!
We’ll be slowly rehabbing the units as they turn over, and renting at market value. The property appraised at $250k at purchase (we bought for $215k) and the ARV will be significantly higher once we raise the Net Operating Income (NOI). Once the rehab is complete and NOI is increased, we will refinance the building. We estimate that to take another 6-12 months depending on what happens with the remaining tenants.