Any experienced heavy rehab apartment buyers?

[Stuart Fox]

I’ve been a fix & flip guy for over 20 years now and completed hundreds of flips. I’ve also owned lots of rentals - mainly 1-4 unit deals and a few larger but nothing more than 10 doors

I’m adding larger apartments (30 plus units) to my portfolio now and am focused on very distressed deals - apartments that require 3-5 times rehab compared to the purchase price

Anyone out there have experience with these types of value add apartments?

Looking at one now that I can get for $400,000 with 1.5 mil in rehab. After CapEx work is done we will have 32 apartments that generate gross rents of $30,000 a month

Love the BP communities thoughts on this niche of apartment deals.

I've got a great contractor team that focuses on larger commercial heavy lift deals like this - over 30 years experience so I feel good about the CapEx side - of course management is always an issue that has to be dealt with

I’m focused on these types of apartment communities in Indiana, Ohio and Michigan - so if anyone works in these states I’d love to connect and collaborate