All Forum Posts by: David Walkotten

Hi Kyle, what are your numbers today on this 80-unit deal? Guessing you are crushing your pro forma numbers.... 

Do you want 2M for the complex? :) 

@Tony Castronovo love it Tony! Question: how long does a complete unit flip take for your contractors? And how much per unit are you spending? I bought a 40-unit a month after you. Going thru similar renovations and thankfully the updated units are renting like hot cakes at or above my pro forma numbers. Prospective tenants are liking the finishes, but yours are definitely a grade above my finishes! Nice work.

@Thomas W. Private money and Partnerships are the best. If you wish to cash out a property and put it into a larger property you can do that too. It just effectively increases your leverage.

@Brian Zaug We got a deal recently by wiring non-refundable earnest money upon the offer acceptance. Might try that!

Add together principal pay down, rent increase, and equity build.... and you will wish you kept it. Refinance it in a year if you want some cash for something else. 

Welcome! Be sure to check out the (free) RPOA annual conference in February downtown. West Michigan is a great market to invest in. Feel free to DM me with any questions you may have. 

I've got an 8-unit just a half mile north of campus. We actually have little college rental demand there. I also have rentals in Grand Rapids. Kalamazoo brings around 20% less for the sq ft and the units take about 2x as long to fill as in GR. Still a pretty decent market to invest in. There is quite a bit of low income and rough areas in Kalamazoo (worse than GR), so you might steer clear of the sub-800 rent range or build some high maintenance costs into your pro forma. Definitely a stronger market overall in Grand Rapids than Kalamazoo. 

Investor here in GR, Wyoming, Kalamazoo 

Really appreciate you guys all weighing in! It was a big help and I was able to walk through a few units yesterday that are ready to be turned to weigh in directly on the expectations & standards for renovations. @Theo Hicks I plan to hold the property for 10-30 years so I am looking both short and long term. 

Being that the kitchens are what you walk into from the main parking lot entrance, I decided to do add a bit there where I could. Some of the cabinetry is painted and I'll keep painted but touch up. Some is the oak and I will keep oak. Doing a high faucet with a nicer laminate. @Marc Winter Brushed nickel fixtures. One unit had a darker tile in the bathroom and the shower wasn't great so we are glazing the whole tile/tub combo white. @Joseph Gozlan @Ed Matson @Hadar Orkibi

@Armando Payano Overall, just adding a touch of flair in the details as a marketing tactic while remaining with the core philosophy of durable and clean. Like @Omar Khan mentioned the price is the primary driver. 

Just bought a 40-unit garden style apartment complex. 

Advice on renovating kitchens as we turn occasional units: currently there are 1990s honey oak kitchen cabinets and a standard stainless kitchen sink with regular old faucet. Laminate countertops, white appliances.

Would you paint cabinets? I am planning on some stainless pulls for hardware. Gooseneck faucet? Replace with black or stainless appliances if they're old?

Or more 'leave it' and just throw on some pull handles. 

These are roughly $800 rent rate apartments with accepting section 8 tenants. Around 800 sq ft and they can get beat up a little bit. Tons of pretty identical apartments in the area so I'm thinking it would give me an edge if I do them slightly nicer. Or am I wasting money by doing them nicer (roughly $1000 more per kitchen).