Updated about 8 years ago on . Most recent reply
Want to hear the #'s on your new construction apartments!
hey BP members, looking to gather some stories and #'s on new construction rental apartments whether single or multi family. I'm wanting to get into smaller(800-1000) sq/ft single family rentals, hoping with low cap-x , and low overall maintenance the #'s could work out and with single family homes you could rent for higher per unit then a complex. Let me know if anyone has done so with success and also any feed back would be great! thanks guys, happy investing -luke
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I am a home builder in Texas. I have both single family homes and also duplexes that I have built. Started with the single family homes because that is what we know. However, we just completed a 10 unit duplex community and it is great. We built 2 bed/1 bath duplexes. We are in a small town of about 2500 people. They all leased within about 2 months. We took it slow and really screened to get the best tenants. What we like the most is that all our tenants are mostly single older people or maybe a young professional couple. The wear and tear will be minimal compared to our 3/2 homes where they have a couple kids. The only way we can do something in this area is if we build it. Of course we have our time in it but are are able to go in with no money invested and still be at about a 75% ltv. They cash flow day one and the cap x should be practically nothing for a little while. I am in the works to do another project of the same concept with a total of 36 units. Good luck.