In this 17‑day update of his 90‑day turnaround project, Christian Osgood walks viewers through the current state and strategy for a 200‑unit multifamily property he acquired for $371,000. The building is 75% occupied with 46 vacancies; there are 18 non‑paying tenants, half of whom he expects to retain after payment plans, while the other half will be evicted (nine upcoming evictions, three already in process). Osgood highlights his "Deal → Debt → Equity" (DDE) investment framework, explaining how the deal was sourced, financed with a private‑bank loan (6.25% interest after a point reduction), and is now being capital‑raised from accredited investors for just under $3 million, including a $1.5 million renovation budget and a contingency overage. He discusses operational progress: hiring a mix of existing staff, achieving five pre‑leases, launching listings on Hemlane, Zillow, and Facebook, and preparing a new website and signage to boost traffic. The biggest operational challenge is balancing make‑ready work with rapid leasing. Osgood shares practical lessons for aspiring multifamily investors—why single‑family experience translates poorly, the importance of selecting the right deal, aligning debt products, and pitching a cash‑flowing asset. He also notes a personal update: his wife is near labor, so he will delegate field work to his team. The episode ends with a call to subscribe for weekly updates and further education content.
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No surprise, team, we're gonna make even more money. We have 18 non-pays. We're anticipating 9 upcoming evictions. We are undefeated on evictions. Deal, then debt, then equity. We call this DDE. We're knocking it out of the park for leasing volume. Welcome back to Multifamily Strategy. We are on day 17 of the 200-unit acquisition and our 90-day project. Can we turn around the project in 90 days? We are still ahead of schedule, but we have some detractors from our goal that we're gonna go over In this episode. By the way, my goal of this entire series is for you guys to see exactly how you make millions of dollars in multifamily as opposed to trying to slog it out in single family or buy a few duplexes. The skills that you build in single family or smaller rentals have, I would say, a 2 out of 100 for value. There's almost no transferable skills from running or buying a multifamily property versus a single family. Know what business you wanna be in, and if you wanna make a bunch of money in multifamily, you guys found the right channel. So 200 units, we gave ourselves 90 days To turn around a failing 200-unit building. It is 100% creatively— Easy lowdown. $371,000 down to buy a 200-unit building. This place is 75% occupied. It's full of junk.
And you move the stuff. Oh wow, that, that broke right off.
And we have 46 vacancies out of 200 units. We've trashed out 18 of the 19 units that need trash out. I think we're gonna hit it. So what has gone right so far? We have hired the right team. For the first time in my entire career, we hired some of the existing staff, not all, but some of the existing staff, and they've been awesome. I have said on this channel countless times, we never keep any employees ever when we pick them up in an acquisition. The people who are part of the business that were failing are never the people you want on your team moving forward. Except for this case, they actually did a great job hiring. It was a management and a budget issue on why the project was failing. I'm loving working with this team. They're fantastic in our team meetings. They're really timely, and we are getting units turned and filled. We are now at 5 pre-leased units. We have move-ins coming in this week and next week, but we are actually filling in the units and we're placing at a little above what we projected to our investors. So surprise team, we're going to make even more money. Detractor. We got our delinquency report in. We were expecting about 10 delinquencies. We have 18 non-pays. I've done this project before. I've done this in Abilene, Texas. We've done this in Stephenville, Texas. I've done this in Houston, Texas. I've done this in Waco, Texas. I have an idea what we're doing here. Statistically, it's almost exactly 50% when we have non-pays on acquisition. Half of them we work it out with. We train them how to be good tenants. We train them to pay on on time and they end up working it out. Some of them might need a payment plan to get caught up, but we will work with people on this. Half of them are just bad tenants who we don't want, who aren't paying, and we're gonna get 'em out. Fortunately, the prior ownership started the eviction process, so we get to start out this week with 3 evictions where the constable's gonna come out and pull them outta the unit. I find that when people see their neighbors getting pulled outta their unit by the police, magically people tend to start paying. So we're anticipating 9 upcoming evictions. Fortunately, we are in the state of Texas. This is easier than it is in Washington by quite a bit. And we remain We remain as of last week undefeated in evictions over the past 5 years. With the amount of properties that we've picked up, I've done about 50, 60 evictions somewhere in that range. We are undefeated on evictions. When we come in and people don't pay, we do in fact get them out. We had a 2 and a half month battle in Texas with one. We won it yesterday in a landslide victory. And the judge in that particular town that I will not name sucks and tried every single thing he could to not take the tenant out. But at the end of the day, They haven't paid in a long time, and their lease is up. It's a non-renewal. They can't stop it. And as appropriate, we won. So we do have to overcome that, which means we have more than just 46 units to place. We're actually going to be placing around 55 tenants. However, leasing is going amazingly. We're live on Hemlane. We're live on Zillow. We're live on Facebook. Our website design should be done by next week, so our new website will also be going live. Our signage is arriving in the mail Friday this week, so we'll have more road signs, more ways to get. traffic, but we have people coming into the office multiple times a day requesting tours already. We have applications rolling in. The system is working better than I thought it would. I knew we could do this. We're knocking it out of the park for leasing volume. Now the challenge is making sure that our staff isn't so overloaded that we can't get the make-readies done at the same time as the unit placements, which is the fun balance of this, is do we have enough units to place and do we have enough tenants to fill those units at the same time? We seem to have more of this side than we do ready units. So we are absolutely ripping with as many people as we can to get as many units online as fast as humanly possible without sacrificing quality, which is a hard thing to do. So overall going really well. 18 non-pays. We expect half of them to be resolved, half of them to be out of the building. Leasing velocity is starting to pick up and should continue. We are on day 17 out of 90 that we gave ourselves to try to get this thing to 95% occupancy. We are taking a little bigger step back than I expected this week, but that will put us closer to on the original pace as we were ahead of our projections. Previously, but if you guys take on projects like this, this is the secret to the project. I'll leave you guys with this quick lesson that I have learned doing projects like this so you can emulate exactly this project. One, do not try to buy those single-family properties. Look at every deal in your market and find the one that makes the most sense. A deal that makes money is not going to be hard to raise capital for. What you want to do when you focus on deal, then debt, then equity—we call this DDE. When you do it in order, you're finding an opportunity that makes money. You're aligning a debt product to it that is optimal for the project. Could be seller financing, could be bank, could be private money. This deal here is with a private bank. So it is bank money, but it's also private, which means it was a little negotiable. They took half a point of interest off of the note going from 6.75% to 6.25% as a thank you to us for taking over the existing note from the prior owner. So it's not one magic debt product. It's just you have a selection of debt products. Choose the best one. After that, you now have a deal that makes money today and a business plan to make more money in the future. By the time you start raising capital, if you're worried about the money, Your pitch should essentially be, I have a deal that's already making money. We have a plan for it to make more money. This is the business plan for it to make more money. Would you like to make money on this deal with me? That's essentially the pitch that you are crafting when you do deal debt equity. If you're trying to line up the money first, you're saying, hey, I'm probably going to have a deal and I believe it's probably going to make money. I don't know where the property is, what the property is, how it's going to make money, but trust me, it's going to be great. Very hard to raise capital with. I have a great deal. I've planned it out. It's under contract and I have a business plan that is easy to raise capital for. And that's how we closed this deal. Now we are wrapping up our capital raise on this. So if you happen to be watching this, you're an accredited investor, and you're like, man, this is really sweet, I want to be a part of this, there is still room. This particular deal is structured for accredited investors only. Occasionally we do other models. But this one is, it's just how it's structured. On this deal, we are raising the last half of it. So we're raising just under $3 million for this entire 200 units, which is crazy. We have about $1.5 million reno budget, which we started with. So we were putting together our reserves, our excess capital. And I always raise an overage in case we find new projects while we're doing the renovation, which often happens. We like to be overprepared, but deal's looking absolutely fantastic. It's going well. Follow the adventure here. I'm going to be sending Caleb and Mark out into the field. So pretty soon you guys are going to see an episode where I'm not there because my wife is having a baby literally any second. Like she could literally go into labor while I'm filming this. We are basically at the due date. So I will have a daughter shortly. So if you are seeing this now, why has Christian not been in the field for a second? Longview is three hours away. I don't want to be three hours away and then get stuck in traffic and miss the birth of my daughter. So you guys will be seeing a little bit more studio time from Christian, but you'll see more of my team as well on this channel as they go into the field. So thank you again for watching. To follow the rest of this, the easiest thing you can do is like and subscribe to the channel. We release weekly updates on this project as well as tons of other real estate education. I appreciate you guys a ton. I hope you enjoyed this episode, and I'll see you guys on the next update.
