First Apartment Investment Update: Increased Rental Rates & Occupancy [Video!]

by | BiggerPockets.com

[Check out my original article to see the beginning stages on this project.]

First Apartment Acquisition Update: Increased Rent & Occupancy

Through interior and exterior improvements, we were able to increase the rent by $80. The occupancy is now 75%, up from the original 50%. Unfortunately, the number of tenants who either skipped out or could not maintain paying rent after possession was higher than anticipated. This was a good indicator that the seller potentially loaded the property with unqualified tenants, but luckily, those units were quickly renovated. Marketing efforts include a dedicated website, as well as leveraging social media. Building an online presence helped to bring exposure to the property.

Overall, it always helps to purchase cheap and underwrite conservatively to ensure you do not get yourself in a bind on these deals.

Any questions about this deal? Have you made your first apartment purchase yet?

Let’s chat below!

About Author

Sterling White

Sterling White is an investor and business owner on a mission to make the world a better place through principled and efficient real estate investment.

Even before co-founding Holdfolio, Sterling and his partner Jacob Blackett had been involved with the purchasing and selling of over 100 SFRs. Today, Holdfolio is a prominent platform for investing in income producing multifamily apartments. The firm has been featured in national publications such as US News and was ranked as one of the best real estate crowdfunding sites in 2018 by Fit Small Business.

The success of Holdfolio’s technology gave birth to SyndicationPro, a fast growing all in one software solution empowering investors to efficiently and easily raise capital online.

38 Comments

  1. Robert Bates

    Great video Sterling, you have really motivated me. I have a few questions. 1) what was you portfolio like before you took on a apartment complex. 2) what type of funding did you use. 3) what type of management and accounting software do you prefer.
    Thanks again for the shared knowledge

  2. Charles Morris on

    Sterling, this looks to be a nice property. What state and city are you in? How many units are in the complex? What is the average square footage of the property including living areas and lot size? What were the acquisition costs? Are you within range of schools, public transportation and markets? Is this a buy-and -hold project or one that you plan to sell or exchange in the near future?

  3. Shane Humes

    Very impressive Sterling. How did you find this property? Did you have to push the seller to accept seller financing? I’m curious about seller financing. Is there a typical interest rate you pay the seller? Thanks for the video. Inspirational.

    • Sterling White

      The property was acquired off market. I called the seller directly. I found his information from public records. I searched the tax billing address and it pointed to his current business, which I called that number to get in touch with him.

      Yes we pushed seller financing and the interest rate is all negotiable.

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