How to turn around an apartment complex

[Luka Milicevic]

I would like to hear some specifics from investors that have taken poorly performing apt complexes and the steps they've taken to get them turned around.

Say you had bad tenants, maintenance issues, C area and you seem to be attracting D tenants.

What specific steps would you take to get the place turned around and performing?

[Calvin Ozanick]

Luka, 

I have actually just managed the turn around on a 30 unit that perfectly fits these descriptions. The property was occupied at roughly 60% and rents were about $125 below market value. First thing we did was get in and improve the overall quality of the building. While this is a major task, focus on the common areas of the building first. If the first impression someone gets walking into a building is bad, you will not bring C or B tenants. Next, you will need to update the units. We know that cosmetic work can go a long way. If the carpet is old, replace it, if the paint is chipping or ugly, throw something neutral on it. Then it comes to placing a skilled property manager to fill the units for market rents with good people. I wish you the best of luck along the way. Feel free to PM me if you would like more specifics.