All Forum Posts by: Thomas Willingham

I have a 20 unit complex that is C- in a B area. I raised the rents for all of the units and as hoped for, a few moved out. I want to redo the units and go up on the rent even more. My fear is that the current tenant mix will potentially keep away the type of tenants I was hoping to transition to. If I can afford it, would it make more sense to empty the whole complex and bring them all up to what I want them to be? Only problem there is it would flood the market with new apartments and I’m not sure 20 people are looking at this time.

Wrong forum.  Sorry.

May have to shift some money from buying to lending soon.

That’s great for your clients.  I will keep you in mind for next time.  These terms worked with my overall goal, so I’m happy.

House hack in some way.  Buy a multi unit and live in one.  Buy a house with a garage apartment and rent it out, etc.

Leverage.

If there are any units for rent, go look at them as a potential tenant.  If they are all occupied, then as stated above, I can see how they would not want you in somebody's unit without knowing you are serious.

Introduction: I have been in real estate as a side hustle for 20y. I have Flipped and rented SFR and a few duplexes. I currently own about 40k sqft of Commercial space over 4 different properties mostly medical space. We have renovated unique spaces into class A medical. How do you find a good deal? Unique up on it. ;)

This is my first venture into multi-family.  I'm a do it yourself and joining a syndication as a passive investor didn't appeal to me.

How I Found It: I found this property on Zillow, but not on the MLS. It had a contract on it, but I hounded the broker to take my backup if anything fell through. The initial deal did fall through because of lack of funding.

The Property: 20 door unit with two 2-story buildings.  All units are identical 2/2  Built in mid 90's; Brick Exterior

The Bad: Lots of delayed maint, 20yo HVAC units (except a couple that have been replaced.

The Good: Rents are far below typical for the area and have not been raised in years.  Most leases are month to month.

Financing: Smaller bank I have a relationship with.  20% down, 7y fixed with 20y AM at 4.25%.  No pre-payment.  Easy loan based on previous relationship.

Plan: We will immediately raise rents a little, but not all the way to market rate.  Hopefully a hand full will move out, but not all.  As tenants move out, we will reno (new paint, LVT, Countertops, and appliances) and bring rents to market rate.

I will post pics next week and keep updates as I go along.  Bigger pockets community has been incredibly helpful over the years and it's nice to share my own journey.

Good stuff.  Thanks for sharing your journey.

Welcome.  Check out DIY Landlord on Insta.  He's up in your area.