General Best Practices

[Calvin Lipscomb Jr]

Hi!  I am looking for some general best practices when it comes to rehabbing/renovating a building. I am looking at purchasing a 12 unit multi-family apartment building and just trying to get some general guidelines. 

Thanks!

[Ryan Blake]

@Calvin Lipscomb Jr Spend extensive time reviewing existing tenant files (i.e. application, background checks, leases), bring an inspector with you to walk the property during your due diligence, work with a broker to find out realistic rents compared to what is currently being paid and a plan on how to raise them.

Also, I would suggest not renovating all the units at once if they are currently leased but doing a slow rotation and then raising the rents as each unit is fixed up.