Find yourself a hairy deal

Bought the 38-plex seller financed, $2 million purchase, 15% down. It had bad roof, bad electric, a chicken infestation. I'm not kidding. 2 units just had chickens living in them. But it was a project where we took it from $2 million to $3.6 million to $4.1 million over the last 2.5 years.

Love that asset class, right? It's evergreen. There's never going to be a replacement for 2 things: a place for people to sleep and a place for people to store their belongings. My first couple deals on the multifamily side was C-class. These deals had all the problems. One was 32-unit in Indianapolis, which sounds a little bit similar to this particular deal. It had hookers, prostitutes, prostitution, drug dealers. It was a heavy lift turning over that class of tenants. What was that like for you guys?

We made a show of as soon as we came in, everyone with a maintenance request, I'm like, what do you have that we can fix? They're not the most expensive renos, but it's like tenants can see instantly there's new management and they're treating this place differently. All the non-paying tenants, we had like 20, half of them started paying as soon as we put in some effort. They reciprocated.