This is the 4-unit rental property I bought in February of 2019. When I bought it was not in great shape and rented for about $2,000 a month. We went through each unit, remodeled them, and re-rented them for just over $3,000 total. You can see the before video here:
One of the basement units:
The unit next door after we remodeled it:
Here is this unit before we remodeled it:
My plan was to refinance this once it was fully rented and I was in the process of doing that until the tenants stopped paying rent! We got them almost caught up and they stopped paying rent again. It turns out the husband got arrested for domestic violence and the wife moved out. The husband was actually in jail for a while and we were able to keep in contact with them. The husband really wanted to stay but we had seen damage already and he was way behind on rent. We started the eviction, but he moved out on his own and left the place in okay shape except for the holes in the walls. it could have been much worse!
We put the refinance on hold, will get the property fixed up and rented again and then start that process over again. Once it is rented the value should be close to $350,000 after spending about $50,000 on repairs for all of the units.
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