This is the reality of owning multi-family property

We often hear investors tell the story about starting in single-family rentals and then quickly changing to multi-family properties to kick their growth into hyper-speed. But that transition is not always perfectly seamless. In this episode, Emil shares his struggle with one of his multi-family properties, and Michael helps him come up with a plan to solve his problem. --- Transcript Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Michael: What's going on everybody? Welcome to another episode of The Remote Real Estate Investor. I'm Michael album and today I'm joined by my co host,   Emil: Emil Shour.   Michael: And today, Emil and I gonna be talking about his real life debacle that he's in with his triplex and how he's going to be getting himself out of it. So let's get into it.   All right, well, a meal first and foremost, and to all of our listeners and watchers. Happy New Year. We're recording this a couple days after the first, you have a good celebration?   Emil: Happy New Years, my friend. Yes. I had some delicious I made some wagyu steak at home. We fired up the hot tub at our new house. So it was very mellow, but very relaxing and awesome new year. How about you, man?   Michael: Nice. It was great. I went with my wife to a friend's house out in Stinson Beach. California was just right on the water hanging out through the beach walking doing some paddle boarding so no complaints very relaxing.   Emil: Very good man.   Michael:So today earlier before this episode, you and I were chatting and you've got this triplex and it's given you some headache. And I know you've talked about the this particular triplex in the past but maybe never in this capacity. So if you could bring all of our listeners up to speed what's going on with this triplex?   Emil: Oh, man, so for anyone who's probably been listening to the show for a while they know the infamous triplex I'm sure you're tired of hearing about it. But this was a triplex I bought is my first foray into small multifamily. I bought this the end of 2020, November 2020. middle of last year, we had as planned some tenants move out, which was great. We wanted to do some work because it was pretty far under market rent. And so long story short, took us a couple months got the work done. And this one unit of mine has just been sitting vacant for a very long time.   I had a my previous pm who wasn't very good. They came to me and they said, all right. It's very diplomatic of you. We have it I have a new property manager as of late so we're seeing how they're doing. But this property manager, we finished everything, the leasing agent. I thought this this property could probably rent for or this unit would rent for somewhere in like the $600 neighborhood. He's like, No, the market has gone up a ton. It's really hot in St. Louis right now. I'm going to shoot for $850 and kind of raise a red flag, but I'm like, You know what, I think this will be a good test of this leasing agent. If they're confident it they can make it happen. I mean, who's gonna say no to 200-250 bucks more rent per month, right? Like, I was like,   Michael: Okay, and this was, this was the old pm?   Emil: This is the old property manager. Correct. Okay, so sir, a 50. Crickets, I think a month later. Yeah, go ahead.   Michael: Sorry. Emil, what was the rent when you bought it?   Emil: The rent on this unit was I think 485 or something.   Michael: Okay, so you did the Reno and then your projection of six to 650 was already a big jump, but they're saying, Okay, now maybe almost double.   Emil