Rental Property Investor 路 Lake Suzy, FL 路 Member since 2018 路 171 posts 路 216 votes
Reached a major milestone after nearly a year and a half....converted my construction loan to permanent financing!!! On 5/31/18 we closed on a 20 unit property that was 100% vacant and in need of lots of love! We added washer/dryer connections to all units and ductless min split heat pumps. Full stainless kitchen appliances including above range microwave. Textured all walls, painted all brown woodwork, new flooring, all new plumbing fixtures and toilets, bathtubs as needed, water heaters as needed....we did a lot!!! For a first time project i'd say we learned a lot and although the project took twice as long to complete as we planned, it's still a huge success! We are currently 85% occupied and 95% leased and expect to be 100% before end of year! This form definitely helped me get through some rough patches either by reading through others posts or posting my own questions. Now I'm asking myself what's next, lol! I'm hooked
Rental Property Investor 路 Lake Suzy, FL 路 Member since 2018 路 171 posts 路 216 votes
6y
@Jodi Bailey
Hello Jodi! Yes I'd love to talk with you about my development ideas! I've started some preliminary talks with a architectural firm from Tulsa and really just brainstorming at this point but I'd love to connect with you sometime.
Rental Property Investor 路 Lake Suzy, FL 路 Member since 2018 路 171 posts 路 216 votes
6y
@Nigel Guisinger
Thanks Nigel! I'm definitely bitten by the bug, lol! I'm 53 and work a full time job in addition to real estate investing and would love to retire sooner rather than later! That being said...my W2 job and fico score helped me secure this deal, so kinda scary to think of leaving it behind, lol!
Rental Property Investor 路 Lake Suzy, FL 路 Member since 2018 路 171 posts 路 216 votes
6y
@Louis D.
Thanks for the kind words Louis!
Funny thing... when the original appraisal was done for the rehab loan, I mentioned to the appraiser that I wanted to add the washer/dryer connections but that I hadn't gotten and solid bids from contractors for
the work so I wasn't sure if I would do
it or not. That being said, the upgrade wasn't included in the ARV appraisal, ugh! At any rate I new that it shouldn't be too difficult to do...had extra closets that backed up to the bathtubs and could run dryer vents between floor joists. Found a reasonable plumber and Lowes made me sweet deal on the whirlpool stackables, so we got'r done!
I was looking to add value as well as longer term residents, I mean who
likes lugging baskets of laundry in pouring rain or during a blizzard, lol!
Ocala, FL 路 Member since 2019 路 15 posts 路 15 votes
6y
Congratulations on your success. We are looking to rehab a roach motel into upgraded apartments in Florida and I am glad to see you having success with a similar project.
Contractor 路 Tulsa, OK 路 Member since 2019 路 12 posts 路 4 votes
6y
@Tab Teehee Yes, I Live here in Muskogee. I've been living here for about a year and a half now. I am currently rehabbing a four unit I picked up at a great price. I have been learning and watching the market around here and you're right I have seen a few deals. Once I'm done with my current project I plan on grabbing up a few more pieces.
Pembroke Pines, FL 路 Member since 2019 路 12 posts 路 4 votes
6y
@Tab Teehee
Hi Tab, great accomplishment! To get it done at 21K per unit is awesome, I saw the before and after pics. Hope you didn鈥檛 have to overhaul the plumbing lines and parking lots etc. ultimately doing it yourself makes a lot of sense, at least the first time around. Next time you can do better in terms of using GC.
I sold my 42 unit MF last year after doing something similar, in Hampton VA. When I bought it is was 75% occupied with some delinquency. Rehabbing was a challenge since we had to work on empty units first and then coax tenants to move to the rehabbed ones.
Lessons that I learnt:
Should have done a thorough inspection of all units and common areas to get a good estimate of rehab budget.
Having an on-site maintenance man helps when there are a lot of service calls. Also keeping some building supplies handy, maybe in storage, helps reducing maintenance costs.
Need a savvy and committed property manager who can fill empty units and keep tenants happy. Take your time selecting one.
Reached a major milestone after nearly a year and a half....converted my construction loan to permanent financing!!! On 5/31/18 we closed on a 20 unit property that was 100% vacant and in need of lots of love! We added washer/dryer connections to all units and ductless min split heat pumps. Full stainless kitchen appliances including above range microwave. Textured all walls, painted all brown woodwork, new flooring, all new plumbing fixtures and toilets, bathtubs as needed, water heaters as needed....we did a lot!!! For a first time project i'd say we learned a lot and although the project took twice as long to complete as we planned, it's still a huge success! We are currently 85% occupied and 95% leased and expect to be 100% before end of year! This form definitely helped me get through some rough patches either by reading through others posts or posting my own questions. Now I'm asking myself what's next, lol! I'm hooked
Rental Property Investor 路 Richfield Springs, NY 路 Member since 2014 路 59 posts 路 8 votes
6y
@Tab Teehee
Awesome!! My wife and I are looking to do something similar. Starting a single family flip next week to generate some cash. We are looking out of state, haven鈥檛 decided on an area yet but it鈥檚 very inspirational to see what you have done. Love @biggerpockets for giving us all an opportunity to help each other and learn. Best of luck in your next venture
Rental Property Investor 路 Lake Suzy, FL 路 Member since 2018 路 171 posts 路 216 votes
6y
@Michael S.
Yes I agree it's great to connect on here with like minded people! I hope I've shown some people not to be afraid to look outside of their local area. Having some first hand knowledge of an area and meeting some locals would be huge in making the job a little easier though. Best of luck to you!
Rental Property Investor 路 Lake Suzy, FL 路 Member since 2018 路 171 posts 路 216 votes
6y
@Craig Gaydas
Good luck with the roaches, lol!
That was one good thing about my project, most of the units had been vacant for so long that any roaches would have died of starvation long ago! All joking aside....if you do encounter a roach problem, there is a product call Vendetta roach bait, that is incredible for long lasting results without any odor or sprays.
I've wondered about the Ocala market as I've seen some deals up there.