{"id":92632,"date":"2017-10-03T14:30:53","date_gmt":"2017-10-03T20:30:53","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=92632"},"modified":"2021-03-16T13:40:50","modified_gmt":"2021-03-16T19:40:50","slug":"first-apartment-acquisition-update","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/first-apartment-acquisition-update","title":{"rendered":"First Apartment Investment Update: Increased Rental Rates &#038; Occupancy [Video!]"},"content":{"rendered":"<p><em>[Check out my\u00a0<a href=\"\/renewsblog\/multifamily-apartment-building-case-study\/\" target=\"_blank\">original article<\/a> to see the beginning stages on this project.]<\/em><\/p>\n<h2>First Apartment Acquisition Update: Increased Rent &amp; Occupancy<\/h2>\n<p>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.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/lng7OB8K3-8\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Overall, it always helps to purchase cheap and underwrite conservatively to ensure you do not get yourself in a bind on these deals.<\/p>\n<p><em>Any questions about this deal? Have you made your first apartment purchase yet?<\/em><\/p>\n<p><strong>Let&#8217;s chat below!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interested in multifamily real estate? Learn what a real-life first apartment purchase looks like\u2014including challenges, successes, and lessons learned.<\/p>\n","protected":false},"author":12140,"featured_media":92642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5527],"tags":[],"class_list":["post-92632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-investing"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/92632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/12140"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=92632"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/92632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/92642"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=92632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=92632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=92632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}