Rehab strategy for multifamily - opinions needed

[Shaine Cobb]

First, a little background. I recently purchased a foreclosure quad. It is need of basic rehab such as: debris removal, cleaning, sheetrock repair, flooring, new entry doors, a couple of windows, some appliances, etc.

I would like to hear opinions on how to proceed with rehab on a limited budget. Keep in mind that the building is completely vacant, but has no mortgage.

Do I complete one unit at a time? Obviously giving up any bulk or multi unit discounts, but getting a unit ready to rent quickly. Or do I attempt a total overhaul, quickly, and have all units ready to go at once?

The units are in a lower income area and I have had a couple of inquiries from the locals as to when the units will be available.

I would appreciate pros and cons, ideas, opinions or what have you.

[David Niles]

Complete clean out, top to bottom. If you then dont have the money to do the full house at once, work from the top down and out the door.
Good contractor could do everything in a more timely manner then doing piece by piece, reason being, painters for example, can use a sprayer and do all the units in a fraction of the time. If you can, do it all at once, saves fuss and muss with any interruptions you may have if you put tenants in place while its still going on.