850 Park Ave, Reno, Lease, Hold.

[Steven Wood]

Investment Info:

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

Purchase price: $135,000
Cash invested: $65,000
Sale price: $135,000

Mixed use multi family/commercial. This building was run down and ran off of an old boiler unit. We purchased the property out of foreclosure. We went through the 7 apartments and added split unit HVAC, windows, paint, cabinets, and refinished flooring. We renovated the commercial spaces to house a long term commercial tenant and a laundry facility.

How did you add value to the deal?

We added value by taking a dilapidated building and renovating it into a habitable, affordable place. Close to

What was the outcome?

$5000/month gross, $3000/month Net.

Lessons learned? Challenges?

The biggest lesson we learned was managing people and contractors. I've never been one of confrontation but I've gown out of that now. Its a hard lesson to learn but unfortunately people will take advantage if the believe they can.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We did work with a realtor in the area. He was absolutely awful. In the spirit of professionalism I won't talk about brokerage or name. This is why we vet who we work with now though.