Some brrrr’s take longer but still work. We bought a 9 unit mixed used building in Windsor back in 2017 before all the attention happening there these days.
It was on the MLS for a long time, scared most buyers as it had a lot of deferred maintenance.
Bought for $440k, seller carried 100k @5%, we started eviction process prior to taking possession.
Over the next year and a half we completely repositioned the building, everything was done, things we couldn’t even imagine like the rear parking lot sewer had to be dug out and replaced as well.
After almost two years of work and putting in solid tenants we had spent around 175k.
440k+175k=615k
Building was appraised at 990k, we pulled out 60% paid off the 100k loan and got all our money back.
Building still cashflow and we are happy campers.
Wasn’t easy, lots of supposes including the main floor getting flooded only a month after taking possession, which ended up having us file a claim and getting a 40k from insurance company.
But it thankfully worked out in the end.
