Rental Property Investor · Lake Suzy, FL · Member since 2018 · 171 posts · 216 votes
Reached a major milestone after nearly a year and a half....converted my construction loan to permanent financing!!! On 5/31/18 we closed on a 20 unit property that was 100% vacant and in need of lots of love! We added washer/dryer connections to all units and ductless min split heat pumps. Full stainless kitchen appliances including above range microwave. Textured all walls, painted all brown woodwork, new flooring, all new plumbing fixtures and toilets, bathtubs as needed, water heaters as needed....we did a lot!!! For a first time project i'd say we learned a lot and although the project took twice as long to complete as we planned, it's still a huge success! We are currently 85% occupied and 95% leased and expect to be 100% before end of year! This form definitely helped me get through some rough patches either by reading through others posts or posting my own questions. Now I'm asking myself what's next, lol! I'm hooked
Rental Property Investor · Lake Suzy, FL · Member since 2018 · 171 posts · 216 votes
6y
Lol, trying to figure out how to upload pictures....doesn't seem possible from mobile app?
This was my first multifamily venture, but I've owned single family rentals and and flipped a few homes over the past 25 years.
Rental Property Investor · Lake Suzy, FL · Member since 2018 · 171 posts · 216 votes
6y
The purchase price was 375K and had an ARV of around1.25M...we put about 21K into each unit for all the capital improvements and remodeling. The property sits on a little over 8 acres so we are considering building more units
Rental Property Investor · Lake Suzy, FL · Member since 2018 · 171 posts · 216 votes
6y
@My Nguyen
I actually live in SW Florida! I'm originally from Oklahoma so that helped a bunch with this project. Needless to say my frequent flyer miles over the last 1.5 years is insane! A lot of travel could have been avoided if I would have hired the right contractors in the beginning, but as I said "lessons learned"!
Rental Property Investor · Lake Suzy, FL · Member since 2018 · 171 posts · 216 votes
6y
@My Nguyen
No partners other than my wife. Worked with a small local bank on the initial purchase/construction loan...I stayed with the same bank for the permanent financing. I could have probably found better terms elsewhere, but the bank was really good to work with and build a relationship with so I just stayed with them...4.25% 20 year am, 10 year term
Reached a major milestone after nearly a year and a half....converted my construction loan to permanent financing!!! On 5/31/18 we closed on a 20 unit property that was 100% vacant and in need of lots of love! We added washer/dryer connections to all units and ductless min split heat pumps. Full stainless kitchen appliances including above range microwave. Textured all walls, painted all brown woodwork, new flooring, all new plumbing fixtures and toilets, bathtubs as needed, water heaters as needed....we did a lot!!! For a first time project i'd say we learned a lot and although the project took twice as long to complete as we planned, it's still a huge success! We are currently 85% occupied and 95% leased and expect to be 100% before end of year! This form definitely helped me get through some rough patches either by reading through others posts or posting my own questions. Now I'm asking myself what's next, lol! I'm hooked
Congrats Tab!
This reminds me of my Eden-Irwin project where me and my partner will net $2M if we sell or $15K/month cashflow if we don't :)
It was essentially vacant and we thought it would rent for $850/month but we were able to rent it for $1250 a month.
My answer to the question you're asking yourself - as to what's next...is to do a BIGGER DEAL.