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

Congratulations on your accomplishment! veni vidi vici

Congrats on your success! Can you post some of the numbers?

@Tab Teehee great job!! Can you post pictures?

@Tab Teehee awesome Tab congratulations!!!

I can't wait to see more numbers, pictures, etc!  I just took a break from analysis of a 20 unit property and saw this post.

I'm curious...was this your first REI or were you experienced when you took this on?

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.

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

@William Jason Morgan

Thanks!!!

@Tab Teehee

Wow!

Where is the property location?

@My Nguyen

It's about 45 minutes from Tulsa, Oklahoma

@Tab Teehee Google filling your units? Good project it sounds like.

@Zach Quick

Lol, so far a good mix of Google folks and locals

@Tab Teehee tremendous undertaking! Congrats! Well done! Lots of guts!

@Tab Teehee

Yes I heard about Google going into Tulsa!!

Do you live in Tulsa?

I’m currently investing in Oklahoma city which is very near from you guys just because I have my boots on the ground here!

@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"!

@Tab Teehee

Omg I can see my future now.. I’m flying here twice a month for the past 3 months as well!!

I'm glad to hear your story since sonehow I want to go into multi family instead of SFH!

Do you have partner in the deal? How did you structure it financially? Did you get refinanced out yet?

@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

@Tab Teehee

I didn't pull out any cash from the deal, so monthly cash flow is better, which is what I was after.

Congrats! About those lessons learned, tho :)

@Tab Teehee killer rate from the bank. Congrats!

@Tab Teehee Tab, when you originally looked at the building what attracted you to Tulsa and the rental market there? 

Originally posted by @Tab Teehee :

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.

Here's the link to the BP post:

https://www.biggerpockets.com/forums/432/topics/753858-brrr-actual-deal-2m-profit-or-15k-mo-cashflow-with-pictures