Look What I Found in a Hoarder Tenants Basement...

[Jake Andronico]

20+ years of clutter… and this valuable item was just sitting there.

I walked a 4 unit property this week here in Reno.

Tenant’s been there for over 20 years… paying about half of market rent.

Basement is almost 1,000 sq ft.You can barely move through it.

Boxes, bags, and stacks of random items.Most people walk in and instantly want to get out. 

Too messy.

Too much work.

Too many unknowns.

But this is where things get interesting.Leaning up against the wall… almost hidden…A Nintendo 64, Atomic Purple Edition.

It look sealed.

Quick eBay sales comps? 

Around $2,000 if it’s legit and unopened.And it hit me…Real estate works in a very similar way.

The best small multifamily opportunities typically don’t show well.

They’re buried under bad management.

Old leases.

Deferred maintenance.

Situations people don’t want to deal with.

Tenant issues?

There’s a path to fix that.T

hat basement you can’t walk through?

That’s usable square footage.And sometimes… even the “junk” has value.

Most people are looking for clean and easy.

Investors who win are willing to look twice, and sift through the “junk".

What's the craziest thing you've found in a property? 

[Caleb Brown]

Keep that as an investment, I wouldn't sell it