Multi-year BRRRR for a multifamily property
I am shifting my focus on small multifamily properties (4-10 unit) I have done several 2-3 family successfully in NJ and am finding the commercial multifamily require time because they don't come 100% vacant. With that I was wondering if there are any BRRRRR multifamily experts who can recommend how you project your holding and capx costs over several years until the property is ready to refinance and rent.
I'm looking at a 6 family in a rent controlled town that is fully occupied. I suspect repairs will take 12 months and I will need 2 years to get the tenants to leave.
not sure if the juice is worth the squeeze but the ability to project year over year costs, improvement work and the final refi must be out there in someone's excel folder.
or am I over complicating things? I imaging when I reach the 50+ unit projects this will become more of a reality .....