@Michael Ealy
I'm not on your level yet good sir but would love to share my best deal Thusfar.
It's a 4 unit complex located in central ohio in an upper C class neighborhood. We acquired the property off market in early 2017 for $105,000 with 50% occupancy. I purchased all cash in order to secure the off market deal and have since refinanced pulling out 70% of what I paid. Renovated each unit ($5k per unit) and paved a private 4 space parking lot at the rear of the building and rents are now at market. ($600 per unit)
Fast forward to today October 2019 and the property has maintained 100% occupancy and has been appraised at $180,000 positive cash flowing very nicely.
Lessons learned: trust but verify, there were some minor fibs from the contractor during renovation but after showing face and being a part of the project that quickly changed. As you mentioned you cannot run real estate from a desk. I personally visit all of my properties once per quarter.
Of all the properties we own, the ones that needed some attention that are most profitable.
We will likely sell within the next 5 years once the loan is almost paid off In order to trade up to the next one but for now, the cashflow is nice.
We're currently closing on a 4 unit in North Austin Texas this Thursday so hopefully a similar situation but on a bigger scale with the growth there.
Best of luck to all!
