A Tale of Tenants and Triumphs

[Alyson Anderson]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $610,000
Cash invested: $50,000

I bought it off-market in 2023, thinking it was a steal. But boy, was I in for a surprise. Angry tenants, neglected by the previous owner, greeted me. It was a mess. I had to reassure them, smooth things over, and learn on the fly. Eventually, I brought in pros to help. Together, we fixed issues and turned things around. Now, Plymouth Rd is a success story, teaching me that with perseverance, anything's possible.

What made you interested in investing in this type of deal?

It was the challenge and potential. Sure, 639 Plymouth Rd had its issues – angry tenants, neglected maintenance – but beneath that, I saw opportunity. I love projects where I can make a real difference, and this was it. Despite the hurdles, I thrive on challenges. Turning a rundown property into a profitable investment? That's what gets me going. And diving into Plymouth Rd? One of the best decisions I ever made.

How did you find this deal and how did you negotiate it?

I stumbled upon this deal thanks to a friend in real estate who gave me the heads up about this off-market gem. Negotiating wasn't smooth sailing, though. The owner had a price, but I knew there were issues. We had to chat back and forth until we found a price that worked for both of us. It was all about finding that sweet spot where we both felt like we came out on top.

How did you finance this deal?

I financed this deal through a hard money lender. They were willing to front the cash quickly, which was crucial for sealing the deal. It was a lifesaver, honestly.

How did you add value to the deal?

I added value to the deal by rolling up my sleeves and diving into the nitty-gritty. I tackled the tenant issues head-on, sorted out maintenance problems, and spruced up the property to make it more attractive. It was hands-on work, but it paid off big time.

What was the outcome?

Turns out, all the sweat and hustle paid off. With the tenant issues sorted and the property looking sharp, I attracted new tenants and boosted the property's value. It was a sweet victory, let me tell you.

Lessons learned? Challenges?

I learned the importance of being hands-on and proactive, especially when dealing with tenant issues. Challenges? Let's just say tackling those problems head-on was no walk in the park, but it was worth it in the end.