Multi Family Repositioning | Picture Portfolio

[Mario Brown]

I Purchased an 8-Unit Apartment Building 3 Miles Outside Of Downtown Greenville, SC Back In January..... 

Here is a log that i am keeping, this was a D property in a C+ area. Successfully taken rents from $503 to $725 on 2 units, with 3 new units that will become vacant in the next 3 months that i am very excited about getting rehabbed. Between sub-metering each unit and the increases in rent, taking 25k to the bottom line. 

(Link is a little slow)  

Also attached pro forma, paid 239k for property w/ rehab of 100k (roughly)  Secured 80% LTC financing from local credit union. 

(debt service based on principle & interest payments, first 12 months are interest only) 

[Corey R.]

Nice work Mario!  Did you do any of the work yourself or hire it out mostly?  It looks like it was a full interior gut for the most part?  That pressure washing sure made a difference on the exterior.  Did you just paint the brick and not the upper siding?  I'm going to stay tuned :)