Investing in multifamily from 1900-1920

[Matt Dabek]

Good day everyone.

I own 2 duplexes in central CT. Its pretty hard to find gems like that priced right to BRRR. I did it 2 times already and I'm pretty happy with outcome. I've been looking for another one for a while and there's not much coming out. So I started looking into different types of multifamily. I found out that there's quite few multis from 1900-1920 on the market. Are those any good investments? I walked few of those and I was little scared to touch it looking at the amount of work that needs to be put into those to bring them to "rentable shape". I finish my houses pretty nice with granite counters, new cabinets and brand new bathrooms. Usually one door cost me around 20-25K to redo.

I'd like to hear from investors with these kind of properties in their portfolios. 

Are they easy to rent?

Are they real pain to renovate?

How is much could it cost to renovate those?

Is there many problems with permits/updates?

Do you rip out all plumbing and electrical or just patch and fix?

Can you get more bang for a buck with those?

Any other thoughts?

[Matt Dabek]

@Jaysen Medhurst ... and yes, just to get this straight. I ask for 680-700 and most of the showing requests are below that (or waaay below that). But out of those that come there’s always somebody with what I’m looking for. Did it 4 times for my two duplexes and it worked.