How I filled 27 vacant units in six months

[Logan M.]

I bought a community in the middle of 2023 that had 11 occupied units out of 38 units total. Without going into a ton of details, some of the units are multifamily manufactured homes. 

When I was looking at the community I noticed that there were 

1. No rentals or homes for sale in the area.

2. There was a ton of demand for our ghost ads

3. Not a single space was vacant, there was a home in each space (All POHs)

4. Not a single vacant unit was rent-ready.

I have no idea where all the tenants came from but for the first 20 units or so we couldn't finish repairing the units fast enough. Even today we have two units almost ready with two interested tenants who should be pre-leasing today.

The attached image is the spreadsheet to keep track of my workflow. I moved the units based on the attention needed, once they were occupied I moved to their number order. 

I cut off the second half of it so I could show how at the bottom I can track expected rents and the potential rents. I also built out a vacancy calculator so I can see how close we are getting to being fully occupied. 

The expected 100% occupancy date is set for the end of March of this year!!!

Some of my other posts go into the details of acquisition but this was a 0% down, 6% interest-only payment, 6-year seller financing deal,

To this date, I only have $5,000 in this deal and that was very very recently to add a little gasoline to this project.

I am an open book so  if you have questions ask away!