The nicest unit looked terrible like this…
And now it looks like this…
Yes, construction continues, but I’ve gotten this far… bought and rehabbed a commercial building.. without using my money.
I used the 7 Laws of Abundance instead!
What’s the Project?
In May 2019, we started with a roach-infested mixed use building on the perfect corner in the middle of an improving business district.
It had four residential units on the second floor and five retail spaces below.
It was nearly vacant, with barely enough power to operate the residential units.
The place had tons of potential but tons of problems too.
In addition to having to upgrade the transformer, we plan to add to the second story and change this “Frankenstein” into a 12-unit extended stay with one restaurant/office space.
This is something banks can understand and underwrite.
Extended stay rentals are so strong that two banks offered us multi-million dollar construction loans (even though banks don’t like vacant buildings)!
How Are My Rentals Buying Rentals?
A few years back, my business partner and I contributed $5,000 each to a bank account.
Then we set up one rental arbitrage and worked out the kinks.
We grew our business over a couple of years in a way that paid for its own growth.
Fast forward to today, everything is paid for and we have cash flow streams that we could use for salaries… but we buy assets instead.
So, our rental arbitrage business is paying for Frankenstein .
How would your life look if your rentals bought rentals?
So Why am I Doing This?
I’m still working on my Abundance Series.
I want my efforts to help my family and yours too.
So as with all things, I’m using this blog to motivate me to boldly go where no landlord has gone before.
And I want to inspire you to work outside your comfort zone too.
Want Cash Flow Streams?
Don’t watch me have all the fun.
Get started on your own journey and let me help you avoid expensive mistakes.
Invest in Extended Stays for Landlords and let your rentals buy rentals.
Tell me what you think of this in the comment section below.