We bought this 8-plex in September that also has 16 garages and 12 storage units for $1.35 million. When we got it under contract all the units were occupied but one went vacant right before we bought it and another a few weeks after we bought it. I was not too sad that these units went vacant because we can raise the rents on them now. The two units that went vacant were leased for $1,000 a month and $1,050 a month.
I believe market rent to be around $1,250 a month and that could be without a garage that was coming with the units before! Even if we have to include a garage adding $200 a month to the bottom line can really increase the value of the property and our cash flow especially when all of the units are raised at some point.
You can also see how the tenant left this unit and what work you think we should or should not do to it. The video that shows the vacant unit and what it looks like is here: https://www.youtube.com/watch?v=k0a2H9o2KZ0
This property also came with a coin-operated laundry machine and it has been so much fun collecting change. Since we bought it we have made more than $200 from change from 1 washer and 1 dryer. There may be an opportunity to expand that income as well depending on what we decide to do.
In this video, I go over all of the numbers in detail so you can see exactly how the math works with value add multifamily properties. https://www.youtube.com/watch?v=GZmGqagGfMM
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Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped over 200 houses and routinely flips 15 to 25 houses a year. Mark owns 190,000 square feet of rentals and is the managing broker and owner of Blue Steel Real Estate. Mark has also written 9 books that you can find on Amazon https://amzn.to/2VGI6a9
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