We acquired the asset and will implement a value-add strategy to bring this historic vintage B class property up to a A class asset.

Tenants have already gone ahead and made a faux bedroom by installing a curtain that wraps around the living room space turning it into a decent size room.

Purchase price: $7,000,000 153 Unit Vintage Multifamily that requires an extensive Value Add Modernization - We are excited to announce this wonderful property is in-progress

Purchase price: $2,500,000 Cash invested: $1,000,000 16 Unit Multifamily Value Add - Vintage in distressed condition requiring a complete overhaul to modernization

If you buy C vintage properties, be careful if operating expenses are less than 45% NOI.

You could even post some of your personal property (cars / jewelry) as collateral in the event of default.If you can buy another cash-flowing rent property or two, that should help your DTI so you can qualify.  

A full renovation including white shaker cabinets, granite, upgraded kitchen and bathroom, refinished hardwood floors, SS appliances, stackable washer & dryer, 2" faux wood blinds, landscaping, NEW sewer line, NEW HVAC, and much more!

@James Loffredo you could do the bulk with IKEA furniture but supplement strategically, whether with furniture or accessories/decorative items that you pick up from vintage stores or at garage sales.

The pic with the faux brick home made vent hood, the door with the counter top in front of it, the backslash with no grout and the spacers still in it, and the Formica roller on a hook, just WOW!

Last, I learned that if you buy a C vintage property (for example, built in 1960), but if you remodel the property to the studs in 2022 and update everything, including the wiring and plumbing, the right insurance company will use 2022 as the new year built which will give you better and less costly insurance coverage.