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225: 164 Heights Case Study: How Great Teams Overcome Great Challenges
Our net operating income was stagnant, we were running into vacancy issues due to COVID, and if that wasn’t enough, we were being sued!
Here’s the deal. We purchased this 164 unit property for $9.2M in August 2019, with a projected valuation of $14.2M after increasing the rents and completing some minor interior upgrades over a two year period.
The problem was, due to COVID, our net operating income stayed flat, we couldn’t get into the units to renovate them, and some of the medical students didn’t return to class at the university nearby.
And on top of that, the local school board sued us when they found out that the property had been sold so that the real estate taxes would be reassessed. We were looking at a $200k increase in real estate taxes, per year!
Thankfully, we were able to get a lot of these issues sorted out and even had a few things work in our favor. It definitely was a bit of a rollercoaster ride, but in today’s episode, you’ll hear how we overcame some of these major challenges.
Key Takeaways : 164 Heights Case Study
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To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/225
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