9 more deals closed in 2016 up to 60 units total!

[Mike Henkel]

Haven't been on BP lately but I've closed on 9 new units in the past 4 months which puts me at 60 total units!

9 units consisted of:

4- 5 bed units from an owner out of the country. been trying to buy his units for years. Keep in contact with him every few months to see if he wants to sell (usually politely says he doesn't want to sell). He finally was to the point where he wanted to sell and knew who to call to buy them! Purchase price 340,000 but needs 40-60k in updates to attract higher rent and better tenants. Currently rented for 3,500 a month (3 units under rented and one vacant)but I can get up wards of 6,000 a month. after a year of fixing up and finding better tenants.

4 unit building of 4 bedrooms that is in serious need of repair. tiny bedrooms tiny living room dated apartments in a decent location. purchased for 378,000. Not the best deal but the location is right next to all my units and it was listed on market with 3-4 other landlords bidding on it so I pounced. bringing in 3,600 in rent but needs 75k in work. Also changed 4 bedrooms to 3 bedroom apartments with a giant living space. Never heard of getting rid of a bedroom but living space was too small and I like to have the "wow" factor when walking in. Should be able to get 4,200+ in rent after I remodel it.

Last deal was a 3 bedroom 2 bath house in prime location. for closure and needs a lot of work. Purchase 80k. Needs 40k in work. I am going to live in this one for a few years and flip or rent it after. I am currently taking up a 2 bedroom apartment of mine that I already have rented out for January for 700/month in extra income. Looked at other deals in area for the market price of house after fixed up and seems to be around 150k too.

I usually find most deals off the market but my last 9 units 5 have been on the market. Definitely harder to get really good deals in this market when everyone in town knows they are for sale.

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Happy buying everyone!