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Update to the 52 unit... My kind of fun!

Today I drove 2.5 hours from Charlotte to Fayetteville just to see one of the multi family properties we invested in. I was on the fence of going because its so far, but I figured this would be my only chance to see the place. Kyson and I did the trek this morning. He took a nap on the way so I put on a crime show podcast while driving. It was perfect! The scenic route to Fayetteville was a lil spooky because it was over casted and tons of green trees so it made my crime show much more scarier. Ha-ha!

Once we got to the property we were greeted with our property manager, Roderick. He was the property manager for our first multi family unit we invested, the 24 unit. It was nice to finally meet him in person. He showed Kyson and I around the 52 unit and we got to see 3 vacant units that are being renovated. Once units go vacant its time to value add. We do forced appreciation by turning the 52 unit from C class to hopefully soon a B class. The unit rehabs are done if needed during turnover. Renovations might give tighter margins in some months and quarters, but it means our team can keep the capex account healthy. There was a storm that rolled through and knocked down a huge tree and damaged a few units. But so incredibly grateful no one got hurt and our property manager and team was able to get the tenants moved out safely. They also started the renovation process.

It's was nice to hear that the natural and forced appreciation from this property went up in equity. The team bought the multifamily at $61k a door with a 3.55% loan and now it's worth $110k a door. How awesome is that?!?! In less than two years. There are 30 investors in this deal and we are one of the LP's (Limited Partners) that passively invested. We put in $50K and our owner percentage is 2.5%. Every quarter we get an update and a direct deposit on the property. Basically every quarter we get $1k. Which is a great return, considering we do absolutely nothing. This is what I love about real estate. There are so many ways to invest and when done right it can have a positive cash flow and build equity. So far this investment is doing well and I am grateful for this little gem that is in our FIRE (Financial Independence Retire Early/Entrepreneur) portfolio.

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