Christian Osgood renovated a downtown rental unit for $15,000, raising rent from $600 to $1,500 monthly. The project was part of a triple seller-financed deal in a mixed-use building with a barber shop and property-management company nearby.
Chapters
So our absolute beater of a unit is finally ready to go. All right, so we came in, we did all the walls white, we redid the floors, we did the kitchen, we redid the countertops. We completely gutted this unit at about $15,000. We finished the entire thing— new appliances, new everything. But this is a rapid fire of exactly what we did on this project. Now this thing, when we first bought the building, is rented for about $600 a month. Now it's going to be rented at closer to $1,500 a month. This is part of our triple creative finance deal where we did 3 seller finance deals side by side by side. This is downtown mixed-use. Below is a barber shop. Next door to that is a property management company. Upstairs is one of our 2 very large units upstairs. This is the type of renovation that makes you a lot of money. Simple floors, simple finishes, very nice, very clean, very easy. This is how you make a lot of money in multifamily real estate.