I just bought a lovely 8 unit last April that had been horribly neglected but have turned it around and done some cosmetic renovations and increased rents.

Larger brokerages sometimes are in need of administrative work, which could earn you a steady income while also getting exposure to the field. 

I would want to make improvements to all units and increase the rent to market value when the renovations are completed.

As a broker, I can provide insights on the best undervalued properties in the Charlotte area and connect you with Compass’s tools that streamline the renovation and resale process.Let’s connect and discuss how to make your next BRRR deal smoother and more profitable.

The last year I renovated a single family home to rent, pulled out some equity, couldn’t have gone better.

They are often located in lower-income neighborhoods and may need maintenance or renovations.

The boom in building was mostly for the larger cabins because of the crazy rents they were getting during covid (even a little before covid actually). 

After conducting thorough due diligence, including a professional inspection and market analysis, the property was acquired for $72,000.Renovation and TransformationThe renovation aimed to modernize the property, enhance its appeal to potential tenants, and maximize its long-term value.

Without accounting for management fees (I have not yet decided if I will try to self manage), and with planning to raise rents to typical market of $825 for each of the smaller units, and $1200 for the larger unit, does this seem like a worthy first investment? 

I want to find something local (Los Angeles area), move in, do small renovations to possibly build up more equity, do a 1031 exchange, and find something better.