Property #12 is almost done with rehab which is quite important as we’ve already secured a tenant for it.
Normally winter is an extremely hard time of year to find tenants but this one has gone pretty quick. This will put us to 13 of 17 units being occupied. Hopefully in the next week property #5 will have the water mains fixed and we’ll be able to tenant the property quickly. It will take us up to 15 of 17 units occupied, which means the banks SHOULD be happy with our performance 🙂
Our big struggle still is dealing with banks and finding one that will quickly refinance properties we have. 8 of 12 properties have no loans on them and are owned for cash. You’d think it’d be easy to find a bank that’d lend to a company in such a good cash position, but it’s kind of difficult. We did meet with a new bank this week who seemed quite positive on the situation.