Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

$3000 A MONTH in first half year?!

5 Apr 2023 · 1 min

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0:31

A 38-unit apartment building couldn't cover its $10,000 monthly debt payment. The owner negotiated a six-month break, cutting payments to $7,000, which saved $3,000 a month and bought time to fix the property's cash flow problems.

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Now some people on the internet like to focus on these things called special clauses. On the 38-plex, it did not make enough money to service the debt as it was written, and we were still borrowing at low interest. Was it 4%? 4% interest. Which is fantastic. However, the property was a turd. Mm-hmm. We negotiated for several months. We had 6 months, and our total payment was $7,000 a month. After 6 months, it went up to what it should have been, which was $10,000 a month. And so we got $3,000 a month in savings for the first half year, which gave us time to stabilize the asset.

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