I just bought my first apartment building(8 units) very cheap.

[Account Closed]

I just picked an 8 units aparment building for only 25k in cleveland. It needs quite some work but not too bad for me since I got a good reliable guy who will only charge me 5k to get it all rent ready. Any other company would ask me anywhere from 40k at least. It would be even less if I didnt ask him to add 1 more bedroom in all the units. Theyre all 1 bedroom now. I will just buy him the materials and he ll work. But, I plan to give him an extra 10k after I refinance this apartment in 1 year. No way would I just let him do all that work by himself for only 5k. And I need to add "no crappy work", this guy is a pro. I feel so lucky. The ARV is 170k. Its low because its a c class apartment. But, considering what I paid for it. This is a steal.

Wish me luck!

[James Wise]

Originally posted by @Account Closed:

I just picked an 8 units aparment building for only 25k in cleveland. It needs quite some work but not too bad for me since I got a good reliable guy who will only charge me 5k to get it all rent ready. Any other company would ask me anywhere from 40k at least. It would be even less if I didnt ask him to add 1 more bedroom in all the units. Theyre all 1 bedroom now. I will just buy him the materials and he ll work. But, I plan to give him an extra 10k after I refinance this apartment in 1 year. No way would I just let him do all that work by himself for only 5k. And I need to add "no crappy work", this guy is a pro. I feel so lucky. The ARV is 170k. Its low because its a c class apartment. But, considering what I paid for it. This is a steal.

Wish me luck!

 lol, you bought an 8 unit apartment building for $25k & the guy you hired to "renovate" it is 6 times cheaper than everyone else.................What could possible go wrong here?