First Apartment Investment Update: Increased Rental Rates & Occupancy [Video!]

by | BiggerPockets.com

[Check out my original article to see the beginning stages on this project.]

First Apartment Acquisition Update: Increased Rent & Occupancy

Through interior and exterior improvements, we were able to increase the rent by $80. The occupancy is now 75%, up from the original 50%. Unfortunately, the number of tenants who either skipped out or could not maintain paying rent after possession was higher than anticipated. This was a good indicator that the seller potentially loaded the property with unqualified tenants, but luckily, those units were quickly renovated. Marketing efforts include a dedicated website, as well as leveraging social media. Building an online presence helped to bring exposure to the property.

Overall, it always helps to purchase cheap and underwrite conservatively to ensure you do not get yourself in a bind on these deals.

Any questions about this deal? Have you made your first apartment purchase yet?

Let’s chat below!

About Author

Sterling White

With just under a decade of experience in the real estate industry, Sterling currently manages over $10MM in capital, which is deployed across a $26MM real estate portfolio made up of multifamily apartments and single-family homes. Through the company he co-founded, Holdfolio, he owns just under 400 units. Sterling was featured on the BiggerPockets Podcast and has been contributing content to BiggerPockets since 2014, with over 200 posts on topics ranging from single-family investing and apartment investing to wholesaling and scaling a business.

38 Comments

  1. Robert Bates

    Great video Sterling, you have really motivated me. I have a few questions. 1) what was you portfolio like before you took on a apartment complex. 2) what type of funding did you use. 3) what type of management and accounting software do you prefer.
    Thanks again for the shared knowledge

  2. Charles Morris on

    Sterling, this looks to be a nice property. What state and city are you in? How many units are in the complex? What is the average square footage of the property including living areas and lot size? What were the acquisition costs? Are you within range of schools, public transportation and markets? Is this a buy-and -hold project or one that you plan to sell or exchange in the near future?

  3. Shane Humes

    Very impressive Sterling. How did you find this property? Did you have to push the seller to accept seller financing? I’m curious about seller financing. Is there a typical interest rate you pay the seller? Thanks for the video. Inspirational.

    • Sterling White

      The property was acquired off market. I called the seller directly. I found his information from public records. I searched the tax billing address and it pointed to his current business, which I called that number to get in touch with him.

      Yes we pushed seller financing and the interest rate is all negotiable.

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