All Forum Posts by: Charlie Price

We are FI. After failing in the 2008-2011 real estate collapse we have rebuilt and now have a 28 unit apartment complex in Crestview Florida, a triplex in Midtown, Atlanta, GA, a triplex in Columbus, GA, and a couple other small SFR in Crestview. We self manage all of them for now. We travel in our RV anywhere from 3-6 months per year, home schooling out 6 & 8 year olds along the way. Last year went on a 7 month trip to Alaska and everywhere in between Florida and there! On our way to North East US for 4 months this next summer/fall.

I have a 30 unit Studio/Efficiency Apartment complex in Crestview, FL, which is in the Florida Panhandle 40 mins to the white sand and emerald water beaches. I rent about 1/2 or 2/3 of them to long term month to month tenants. I rent the other on week to week basis to traveling nurses, contractors, military people working on EGLIN Air Force Base, and people in moving here and needing to buy a permanent residence in the near future. I rent them with utilities and fully furnished. Works well, as I say close to 100% year round by adjusting my rates up and down to meet demand. A couple years or so ago I tried one unit on Airbnb. I had a renter for the next day within hours! It worked great, so I ended up marking my two best units into Airbnb units. A little more work with the turnover and such, but they command decent rates and help fill in gaps in vacancy’s. When I fill up, like now, I just block off the Airbnb bookings.

If it were me I would say Destin. But I live in this area. So a little bias. If I was coming in new, I would go for Panama City Beach area. Possibly Pensacola. Great things have been going on in those two markets for the last few years or so! Honestly, I think it would be hard to fail in Florida Panhandle area. Again, may be bias.... :-)

I use have been using Schlage for the last 5 years or so. NOT 1 complaint. High quality and does what they say it does!

I have a 28 unit Studio/Efficiency apartment complex. I rent the units out totally furnished with all utilities. I met someone when I was on an extended RV trip with my family who told me some of the Benefits and success he was having from Airbnb rentals. I had 2-3 vacancies do I decided to copy my Craigs list add to Airbnb for $50 a day or so. I surprising to me I had a booking for the next day within 2 hours or so! Since the. I have learned a lot of Airbnb and have converted 2 of my best units to Airbnb. A little more work, but not a bunch. Airbnb units get about $1,500 per month compared to my monthly rent of $800 or weekly of $275. I have been very happy with my choice to do what you are thinking about doing!

Congrats on your success. Save your profits until you have enough for another 20% down payment on another property. Find a great deal next time and do the same thing your doing now. Let your equity ride and continue to increase with each passing year. In ten years you will doing okay if we have another market crash. You will be rich if the market continues to go up! Congrats again!

Interesting that there are many on both sides. Like many remodeling projects it seems there are different ways to go about doing them. I suppose it does not makes a whole whole lot of difference, but I prefer the floors down first. I have been using the higher quality vinyl plank flooring where possible for the last 5-6 years and it just makes for a cleaner/quicker/easier install. Can’t imagine the buckling or intention issues coming into play. I could be wrong though. As far as the “less material” used...it is really just a small amount when compared with the overall project and investment.

Adrian Tilley Great job in uncovering a great opportunity. I took over a 23 unit motel/apartment complex a few years back and gutted the entire property. Made it into 28 soon to be 30 units and $20-25K per month gross cash flowing king. I believe there is a tremendous opportunity for these properties across the country. I’d be happy to talk to you Or offer any advice or assistance if needed on the potential project. John Smith As far “a lot of time”....I guess it depends on how you manage things. I run my property on 2-4 hours a day M-F. I vacation 3-4 months a year. Just got back from a 7 month RV trip/vacation with my wife for two boys to Alaska and 25 other states. Worked 2-3 hours a week while on “vacation”. After the initial “hard work” I’ve found that this type of property can be run with minimal time and effort.

I use two of my Studio/Efficiency apartments as Airbnb units for the last couple of years. I change around the nightly charge and cleaning fee. I currently hav it set at 3 nights minimum stay at $45 per night and $40 cleaning fee. The price of a cheap hotel/motel in my area is $65-$75 or so. I’m lucky enough to have a lady clean my apartments who has lived there for 3 years or so. She has a full time job and works for me as needed 5-10 hours a week.

@Paul Sandhu

Congratulations on your "out of the box" business model.  Seems like you are doing very well with it.  Great job.
4 years ago I purchased a run down "flea bag" motel.  I totally gutted and remolded one room at a time making them into Studio/Efficiency apartments with kitchenettes (Small refrigerator, microwave, no stove).  I'd finish one rent it out and go to the next, reinvesting proceeds.  Four years later and I have 28 completed and they stay rented out about 80-100% of the time.  I have about  1/2 rented to long term month to month people.  Some 3-4 year!  My monthly rate is $800 all inclusive.    I'm in the Florida Panhandle about 1/2 hour or so from the beaches, so we have busy season in the summer.  To keep fully occupied I adjust my weekly rate from $200 in Jan/Feb up to $350 in Summer.  MY normal rent roll is between $20-27K per month (big fluctuation due to summertime demand).  Expenses around $9K per month.

I have a maintenance guy here 20 hours per week.  And a cleaning lady 5-10 hours per week to help out.  One might think "wow sounds like a big headache".  But it really isn't.  I come to the apartments every day for a few hours.  Not so much because I have to, but I want to.

We travel 3-4 months per year, running around the country in our RV with our 6 & 8 year old buys.  We just returned from a 7 month RV trip to Alaska.  We went to 35 National Parks and sites along the way!  We are leaving again on a 4 month trip to the North Eastern US this summer/fall.  When we leave I hire another part time manager type person to over see the maintenance and cleaning people and to deal with rent collection signing leases and tenant interaction.   I pay this person a little more per hour and they work about 3-10 hours per week depending on what is going on. I continue to answer the incoming perspective tenant calls, answer tenant e mails and texts and tract rent collections.  Takes about 1/2 hour or so per day maybe.  I have tried to hire one person for all three jobs, but the skill set and personality for each are so different, that I have found that very hard to do.

Regarding the TV's......I would definitely invest in flat screen TV's and wall mount them.  It is a good upgrade and once you do it they should last for many years.  I upgraded mine over time so I now have all 32-55 inch flat screens in all apartments.  3 years ago when I got ride of the 5-6 old box stile TV's I took them down to Good Will.  They said that they had stopped accepting those old TV's and only accepted flat screens now!