Need advice on how to turn around a eight unit apartment complex
Hi,
I need some advice. I am currently looking into purchasing an 8-plex in a rougher park of town. It is not a war zone but it isn't the best part of town. Near the 8-plex are a variety of run down boarded up apartments. I think my long term goal is to buy some of the boarded up apartments rehab them and make them into low income housing.
So far I have went down to the police station to do a freedom of information act to get detailed descriptions of various calls and reports made to individuals who live in the surrounding area. This will help me identify who the trouble makers are in the building so I can start the eviction process immediately if I were to purchase the building. The police said that they would be able to contact me in case one of the tenants was in trouble with the law. I plan to only do month to month leases as this will allow me to kick out trouble makers immediately.
I also plan to hold monthly meetings with the tenants at a local restaurant (where I would pay for food) to have them voice any concerns they have with the area and ways their community can be improved.
I also want to talk to the city to try to get a grant to purchase some of the run down buildings in the area to fix them up and make the community better overall.
The buildings are in great shape so I would primarily rent out to section 8 individuals. I see no reason why the buildings would not pass any of their requirements. I would need to be tough with my screening to not allow any felons or individuals who have been evicted in the past.
Anyone else have any advice on what I could do to improve the area in case I purchased the complex(s)?
Dustin