All Forum Posts by: Luke Mcclure

Thanks for the input, and great observation. I am definitely going with the reno option instead.  

Awesome, thank you very much.

I am preparing to buy an apartment complex, does anyone have a checklist of things I should take action on when doing the due diligence on buying something this large?

Awesome thanks James! 

I would like to send out post cards instead of yellow letters. Would anyone be willing to share with me an example of a post card they have sent out to find buyers? Thanks for your help! 

Good question  @Clay Smith

He wants to build super efficient units. I will research the Reno opportunities. I think he has a romantic idea about building super efficient units to cut down on utilities.  

I was offered to partner up with a friend of mine, his proposal to me was.

We as partners would build small 500 sq ft one bedroom units/ duplexes triplexes etc.

1. He would put up all the capital.

2. Give me an hourly wage (so I can do it full time) plus 20% of the profit.

3. If I wanted to put up capital my % could increase.

4. I would be the contractor to build the units

Goal to build super efficient one bedroom units and control the construction cost. By contracting it out ourselves and instead of hiring companies to do the work, we will hire the professional's for each trade. I have the ability to pull permits and do the electrical, plumbing and HVAC my self. and I have enough construction contacts to cut out the business and hire the tradesman my self.  

If the actual cash flow after expenses is $800, what I would do is estimate in detail how much it will take to rehab add 20% for wiggle room and see how many months it would take to pay it off and determine if its worth it in the long run. The key is in the numbers and a close accurate estimate.  You might want to bring in a pro to get it close. Meet all your tenants and explain to them what your doing and prepare the vacant units to rent by starting the rehab with them first.  Schedule an open house market and use light staging flowers curtains bath towels to help get it rented quick and be sure you are priced right.   

Hey,

Its a pleasure to be here.  I cant wait to learn from everyone. My wife and I are from Gulfport MS and we flipped our current house. It was great and we did well. I am an Electrician and an HVAC technician.  We are looking for our first real flip to sell and are eager to meet others and network!