We acquired this property directly from the seller, who was seeking a smooth transaction. The property offered minimal cash flow at the time of purchase and was performing at well below market rents.

In part, this was due to dated finishes, and an aging plumbing system. We made considerable improvements over the course of several months, working closely with our construction team to make sure that things were completed on schedule and on time. We’re most proud of the compliments we received from tenants, as they saw the property improve before their eyes.

This made it possible to complete a cash out refinance and withdraw $105,000 beyond the cash that was used to acquire and improve the property. We used those funds as reserves, and to fund future acquisitions.