Today we chat about what’s going “good,” which is our 56 unit which used to be the “ugly”, but has turned out to be a major pivot point for us. We also take a look back at the bad and ugly…the bugly. We lost money on 3 rehabs, all 3 were duplexes and the total amount over budget ended up being over 100K.
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We’ll start with the good. We are working on refinancing our 56 unit with a 1-2 million dollar range of potential added value since we purchased it. It was also the purchase that introduced us to larger multi-family and was the pivot into the space.
For the bad and the ugly we feel it's really important to be real and genuine with the people you're working with. We looked back and the three top biggest losses were duplexes. The rehab column was over budget on one for $70,000, on another for $60,000, and another for $53,000. We were losing our butt on these, but kept on going. We finished the rehab, we didn't even borrow enough money from the private lenders and did not ask for more, instead we used our own funds. And that's something that we tell our private lenders, if we go over budget and rehab, we're not asking you for more money. That's coming out of our pocket.
Our private Facebook group gives you access to where you can start building a direct relationship with us, we’d love to get to know you. 30 days later you may be invited into our Deal Room. The Deal Room is our private room where we share exclusive 506B opportunities because now you are our “Buddy.”
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Invest Smart. Live Happy.
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