Christian Osgood bought a $12.2M, 200-unit apartment complex with only $371,000 down. Ten days in, 50 units sit vacant or unpaid, a quarter of the building generating no income. The previous owner let tenants choose between higher rent or a security deposit, leaving units trashed when they left.
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We did this thing crazy low down, $371,000 down to buy a 200-unit building, $12.2 million transaction. However, that was phase 1. Now we actually have to execute the project. We are 10 days in as of the filming of this video. Day 1, we have 46 vacancies out of 200 units. That's a pretty good chunk. Virtually, we have a quarter of the building that is currently unoccupied. Now we do have 4 non-pays, so literally exactly 50 units are offline in terms of income. Prior ownership gave people an option to either pay more in rent or do a security deposit. What happens logically? If you are a tenant and you are leaving, and there's absolutely no cost whatsoever to you to leave the place a mess, everyone leaves it a mess because there's no security deposit that can get back. Do you think that we can actually finish this project on time? I'm curious to see your thoughts. Call your shot now. I'm gonna film the entire thing, so you're gonna get weekly updates on this bad boy. But put your answer in the comments below after you've done all the great things that you always do with liking the video and subscribing, all the things you do to help promote this channel. Let me know if you think we can pull this off in the comments.