We've owned many multifamily properties since 2009. If you see something that piques your interest, let's set up a time to chat about it.
This is a 15-bedroom house near OSU's campus. After completing the repairs (and income objectives), we plan to refinance and hold the property for a while.
Before asking others to invest in our projects, we wanted to know what Limited Partner's experience is. So, we invested in this project for a 1% equity stake.
We acquired this property in a 1031 exchange. Three business tenants rent the space. From this experience, we learned how to structure custom leases.
In addition to the warehouses, we acquired the adjacent vacant land right on I-5.
This property was owned by a flipper. It came with a 3/1 single-family home, which they fixed up, but the facility became mismanaged. It was 50% vacant when we bought it. We implemented a remote onboard experience and stabilized the property in the middle of the pandemic.
I sent out letters to all multi-family owners and picked up this property from an owner who was in over his head. Three of the units are 200SF tiny cabins that were pulled on skids during the railroad construction.
In the Fall of 2014, we purchased the Lyon Apartments. Occupancy was at 6 of 11 (55%). 100% of those occupants held criminal records for a sexual offense. We terminated all leases and rehabbed the inside in 5 months (new paint, carpet, & repairs throughout). We achieved 100% occupancy at market-level rents within one month after the rehab.
We tried wholesaling land. From this experience, we learned how to send effective letters to sellers and manage a deal from a distance. We didn't continue wholesaling land because the proceeds from this sale set me in motion to leave my job.
We purchased a fixer-upper home to decrease our living expenses. We eventually moved out, fixed up the place, and rented it out.
We saved up a 25% down payment and purchased another duplex. This property was stable from day one.
We purchased our first property, a duplex, in 2009. We moved in one side and rented out the other. Our first tenant was horrible, but through them, we learned to set our standards and practice tough love. We also learned how to improve and maintain a property.