All Forum Posts by: Elliott Garber

Hi everyone, 

I bought two small multi-family properties in Blackstone, VA, way back in 2017. I purchased them in cash and have put a lot of money into them over the years, significantly improving the properties and increasing the rents.

One of them is a 5 unit, and the other is a duplex. They are right downtown and across the street from each other. 

I originally bought the properties because I was in the military and knew the Fort Pickett there in Blackstone was probably going to get a big new contract for a State Department training program. That was funded and has done a lot to keep the town thriving with no lack of demand for rentals. 

I have a local professional manager in place who handles all the leasing, interaction with tenants, and coordinating any repairs or maintenance. 

All 7 units are rented with the following rent roll: 

Duplex: 
A – $750
B – $850

5-unit: 
1 – $625
2 - $600
3 - $600
4 - $400
5 - $535

I could now use the cash that is tied up in these properties for another business investment I'm evaluating, and I'm trying to decide on selling vs trying to do a cash-out refinance. 

Any input on what the current appraised and market value for each property might be? 

Anyone interested in taking them off my hands off market? 

Thanks!