10-Unit Multifamily BRRRR Infinite Cash on Cash

Dayton, Ohio
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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10-Unit Multifamily BRRRR Infinite Cash on Cash

Matthew Masoud
Investor 路 Orange County, CA 路 Member since 2014 路 363 posts 路 408 votes

So I purchased a 10-unit building in a small suburb near Dayton, OH. Purchased the property for $600k.

$150k down, $450k mortgage.

4 out of 10 units were empty.  The remaining 6 units had below market rents.

I purchased the property and put $50k into renovating/renting vacant units. 

Took almost 6 months to rent the vacant unit and get existing tenants to market rent.

All in $200k.

The bank just appraised the property for $950k

I did a cash-out refinance for $225k.

 The deal still cashflows and I got all my money back plus $25k.

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River SavaPro Member
Lender 路 USA 路 Member since 2022 路 1k+ posts 路 1k+ votes
2y

Awesome!! 

Congrats on this, Matthew. Think you are going to stay in the MF space? 

[email protected]
3Reply
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  • Amanda M.
    Realtor 路 MN 路 Member since 2024 路 33 posts 路 18 votes
    2y

    What a win, congrats!

    1Reply
  • Troy MacDonald
    Member since 2021 路 1 post 路 1 vote
    2y

    Great Job! Was the total time 6 months for the entire process? Did you buy out of state from where you live or is this close to home for you? 

    1Reply
  • Sean WinchellPro Member
    Chicago, IL 路 Member since 2024 路 22 posts 路 14 votes
    2y

    Wow that's awesome ! 馃憦 congrats 

    1Reply
  • Bonnie LowPro Member
    Lender 路 Asheville, NC 路 Member since 2016 路 1k+ posts 路 1k+ votes
    2y

    This is awesome! I'm so glad to see folks cleaning up some of these properties in Dayton. Dayton is a great city with wonderful people. Parts of it just need a little love. Congratulations on a huge win!

    [email protected]
    1Reply
  • River SavaPro Member
    Lender 路 USA 路 Member since 2022 路 1k+ posts 路 1k+ votes
    2y

    Awesome!! 

    Congrats on this, Matthew. Think you are going to stay in the MF space? 

    [email protected]
    3Reply
  • Matthew Masoud
    OP
    Investor 路 Orange County, CA 路 Member since 2014 路 363 posts 路 408 votes
    2y
    Quote from @River Sava:

    Awesome!! 

    Congrats on this, Matthew. Think you are going to stay in the MF space? 


     Thanks, I'm actually transitioning to retail/industrial

    0Reply
  • Matthew Masoud
    OP
    Investor 路 Orange County, CA 路 Member since 2014 路 363 posts 路 408 votes
    2y
    Quote from @Troy MacDonald:

    Great Job! Was the total time 6 months for the entire process? Did you buy out of state from where you live or is this close to home for you? 

    About 6 months to stabilize another 1-2 months to finish the paperwork for the refi. 

     I actually moved to Dayton from SoCal to monitor the renovation. Now that the property is refinanced and stable, I'll be heading back home.

    1Reply
  • Account Closed
    Lender 路 Springfield MO 路 Member since 2023 路 2 posts 路 0 votes
    2y

    Thats awesome.  The power of Rehab is what I try to get my clients to understand every day.  Best way to build and scale quickly

    0Reply
  • James Wise
    Real Estate Broker 路 Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH 路 Member since 2013 路 31k+ posts 路 20k+ votes
    2y
    Quote from @Matthew Masoud:

    So I purchased a 10-unit building in a small suburb near Dayton, OH. Purchased the property for $600k.

    $150k down, $450k mortgage.

    4 out of 10 units were empty.  The remaining 6 units had below market rents.

    I purchased the property and put $50k into renovating/renting vacant units. 

    Took almost 6 months to rent the vacant unit and get existing tenants to market rent.

    All in $200k.

    The bank just appraised the property for $950k

    I did a cash-out refinance for $225k.

     The deal still cashflows and I got all my money back plus $25k.


    1Reply
  • Robin SimonBusiness Member
    Lender 路 Austin, TX 路 Member since 2022 路 5k+ posts 路 4k+ votes
    2y

    Nice job - Ohio seems like one of the best states right now for executing BRRRR

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    1Reply
  • Austin McClainBusiness Member
    Real Estate Agent 路 OH 路 Member since 2021 路 348 posts 路 602 votes
    2y

    Congrats on the win! 

    [email protected]614-710-4827
    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    2y
    Quote from @Matthew Masoud:

    So I purchased a 10-unit building in a small suburb near Dayton, OH. Purchased the property for $600k.

    $150k down, $450k mortgage.

    4 out of 10 units were empty.  The remaining 6 units had below market rents.

    I purchased the property and put $50k into renovating/renting vacant units. 

    Took almost 6 months to rent the vacant unit and get existing tenants to market rent.

    All in $200k.

    The bank just appraised the property for $950k

    I did a cash-out refinance for $225k.

     The deal still cashflows and I got all my money back plus $25k.


     congrats on the deal!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    0Reply
  • Kathy Chang
    Real Estate Professional 路 Long Beach, CA 路 Member since 2017 路 9 posts 路 6 votes
    2y

    Congrats on the deal, I'm looking also in OH since SoCal (where I'm also at, as you know don't have deals like that). Of all the larger towns in OH, why did you choose Dayton? I'm looking also in Columbus. What search criteria did you use to find this property? And was this an off-market deal or listed? Thanks!

    1Reply
  • Matthew Masoud
    OP
    Investor 路 Orange County, CA 路 Member since 2014 路 363 posts 路 408 votes
    2y
    Quote from @Kathy Chang:

    Congrats on the deal, I'm looking also in OH since SoCal (where I'm also at, as you know don't have deals like that). Of all the larger towns in OH, why did you choose Dayton? I'm looking also in Columbus. What search criteria did you use to find this property? And was this an off-market deal or listed? Thanks!


     The Columbus market has already had massive growth and I had trouble finding good deals due to the demand. Dayton had a lower price point and less investors competing. 

    I actually found this deal off market by emailing the owner. My first off market deal.

    1Reply
  • Robert EllisBusiness Member
    Developer 路 Miami, FL 路 Member since 2014 路 3k+ posts 路 1k+ votes
    2y
    Quote from @Matthew Masoud:
    Quote from @Kathy Chang:

    Congrats on the deal, I'm looking also in OH since SoCal (where I'm also at, as you know don't have deals like that). Of all the larger towns in OH, why did you choose Dayton? I'm looking also in Columbus. What search criteria did you use to find this property? And was this an off-market deal or listed? Thanks!


     The Columbus market has already had massive growth and I had trouble finding good deals due to the demand. Dayton had a lower price point and less investors competing. 

    I actually found this deal off market by emailing the owner. My first off market deal.

     you spelled columbus wrong in your title. you sure you looked in Columbus? See below! ... only joking but look at different strategies. Building is one way to do that. Purchasing land. In columbus it is a buyer's market for land and easy to negotiate favorable terms and then design the house needed. 

    [email protected]786-494-6766
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    0Reply
  • Matthew Masoud
    OP
    Investor 路 Orange County, CA 路 Member since 2014 路 363 posts 路 408 votes
    2y
    Quote from @Robert Ellis:
    Quote from @Matthew Masoud:
    Quote from @Kathy Chang:

    Congrats on the deal, I'm looking also in OH since SoCal (where I'm also at, as you know don't have deals like that). Of all the larger towns in OH, why did you choose Dayton? I'm looking also in Columbus. What search criteria did you use to find this property? And was this an off-market deal or listed? Thanks!


     The Columbus market has already had massive growth and I had trouble finding good deals due to the demand. Dayton had a lower price point and less investors competing. 

    I actually found this deal off market by emailing the owner. My first off market deal.

     you spelled columbus wrong in your title. you sure you looked in Columbus? See below! ... only joking but look at different strategies. Building is one way to do that. Purchasing land. In columbus it is a buyer's market for land and easy to negotiate favorable terms and then design the house needed. 

    Haha thanks for the point out
    0Reply
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