MFR #2

So I'll have a series of posts here to update everyone on some things.  So why has it been so long since I posted?  The answer is somewhat simple.  Since we decided to move on to MFRs only, "activity" tends to be a lot less.  In 2017, we picked up 2 properties (more on that in later posts), whereas in previous years doing SFRs, we had done 5+ for a couple of years.  There is more to the MFRs than the SFRs, but new activity is much less.

So in December 2016, we purchased MFR #2.  To recap, this was a 3-plex that was in more disrepair than we're used to, so it was a little bit of a learning experience for us.  We actually put more money into it than it cost to purchase.  In April 2017, we finished our repairs and began to rent it out.  It took a few months, but we got it fully rented.  We dropped back to 2 of 3 units rented for about a month and have had all 3 units rented for a while now (as of February 2018).

The interesting thing about this project was our plan for it.  Our plan was to buy it, fix it up, rent it out, then refinance and pull all of our money back out of it.  A few months ago, we were able to complete just that.  We successfully refinanced the property and pulled our purchase price and renovation costs back out of it.  It was close and basically, we pulled the max out we could in order to accomplish this.  So infinite returns on this one is now a reality.  It's currently cash flowing positively and we have $0 in it.

It was definitely a long journey (~10 months) but we got it done.