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Another Unit Vacant at the 8-Plex I just Bought, How did the Tenant Leave it?

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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:

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.

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