Christian Osgood bought a trashed 38-unit building infested with chickens, with a leaky roof and homeless residents, for $2 million. He and his team collected just $5,000 in rent. Two years later, the property was worth $4.1 million and collecting $30,000 monthly. He ignored everyone who said it was impossible.
Chapters
The first building I bought had a chicken infestation. It had a bad roof. It had a homeless camp on the property, $5,000 in collections on 38 units and a plethora of other problems. However, entrepreneurs, this is for you. When you're starting, you have to be the one who believes in yourself. We were told you're borrowing at too high interest. This deal is never going to work. We passed on this deal. It can never make money. The project's too big. This is a money pit. You guys don't know what you're doing. And to be fair, we didn't. We believed in ourselves. We pushed through valuation on that property from $2 million to $4.1 million. We brought collections from $5,000 to $30,000. We didn't do it because we're super smart. We didn't do it because we're the best multifamily operators, because we weren't at the time. We made a ton of mistakes. We made it because we believed in ourselves, we committed, and we got it done. Entrepreneurs, if you're at the beginning of your business, don't listen to everyone else. Find your vision, find your deal, go do it.