Charlotte, NC · Member since 2015 · 11 posts · 2 votes
If you had an apartment building 4+ units. Would you renovate each unit one at a time and rent out as you finish one? Or do the whole building at the same time?
If you do each unit separately- at what point in renovations would you do focus on one unit?
Going to do everything besides hvac, electric, plumbing ourselves.
First off, I would take care of the roof (if required), mechanicals (hot water heaters and HVAC), electric and plumbing. These are really the "bones" of the property and if there are any issues with them; it can balloon into even more serious problems. You can then start on the individual units and rent them out as you go. You also want to make sure that your common areas are in "rentable" condition. Common areas like; hallways, stairs, porches, yard, driveway etc. Potential tenants will see these first.
@Charles Carillo is spot on regarding the need to upgrade or replace the basic structure and systems. I think the balance of your questions depends on whether you have sufficient capital to complete the rehabilitation all at once, or do you need to get the cash flow started to offset your expenses. There is economy of scale if you do all of the units at one time. You should be able to negotiate discounts on materials, fixtures and appliances from a supply house by buying in bulk. I would price out the entire job and than compare that to what the costs will be doing it as single units. It is easier to schedule the work, even if you are doing it yourself, by timing all of the phases at the same time. Less delivery expenses for materials as well. Good luck.