New Multi-family Construction Project

[Monte Watson]

Good Morning BP Members - I would like to know if anyone has any experience/insight/reading material/references they are willing to offer when building new multi-family properties. I'm planning on building on a quadplex from the ground up and would like to know if it's worth the time versus purchasing an existing quad then rehabbing? I have the schematics, engineering plans & zoned property but would like to hear from an investor that has already completed such a project. Any insight provided would be much appreciated! Thanks to all and stay safe. 

[Greg Dickerson]

Originally posted by @Monte Watson:

Good Morning BP Members - I would like to know if anyone has any experience/insight/reading material/references they are willing to offer when building new multi-family properties. I'm planning on building on a quadplex from the ground up and would like to know if it's worth the time versus purchasing an existing quad then rehabbing? I have the schematics, engineering plans & zoned property but would like to hear from an investor that has already completed such a project. Any insight provided would be much appreciated! Thanks to all and stay safe. 

 It's all about the numbers, location, inventory and demand. In most cases new will rent for more and appraise higher but at the same time you may be able to buy a lot more income for the dollar depending on the inventory in your market. The best thing to do is get solid quotes from a GC and run the numbers working it backwards. Ultimately it's up to you. If the project satisfies your return requirements then go for it.