All Forum Posts by: Glenn Hamp

Sorry, I haven't been checking into BP for months as I lost my Wife to cancer last July.  Recently, I have been looking at some motel to studio apartment conversions and the numbers are amazing. Currently looking at one to purchase and upgrade for a total of $89,000 per door.  Comps are renting for $830 to $1,100. Let me know if you want to see an executive summary. 

Yes it is shovel ready.  :  )

We don't own the land yet, but are preparing an LOI. Have you done any developing?

Phoenix AZ is projected to need 150 thousand new apartment units in the next 10-12 years.  We want to be a part of it, but do not have build experience.  Anyone out there have info on building their own apartments or who want to partner with us.  We have a plan to build 115 units on 6.4 acres in a suburb of Phoenix.

I have an opportunity to purchase 6.4 acres of land zoned for 115 apartment buildings.  My financial models show 15% cash on cash return on a $950K investment for 65% of the equity.  Any thoughts on finding investors and syndicating this deal?  I have talked to a few guru's but everybody wants to buy existing buildings (and rehab them) , not build. It doesn't seem that much more complicated to build and with that you have a nice new building with minimum maintenance and repairs for the first 5-10 years. 

I am interested in purchasing medium sized apartment buildings (25-75 units) and wanted to know exactly what rent recoveries where and how much to budget for them.  I assume these are for deposits that have been forfeit by tenants leaving early or damaging their units.  Is this correct?  What % of rent do you anticipate for these.  I would love to partner with someone who has purchased and operated apartment buildings.