All Forum Posts by: Tab Teehee

Even after months of planning, meeting with contractors, shopping for materials, etc., I still find it extremely challenging to get this project wrapped up and start renting units. A little background...the property was built in 1972, 2 story garden style that are comprised of 12 two's and 8 ones. I closed on the property 5/31/18, 100% vacant and in need of substantial rehab. Aside from the basic new floors, paint and drywall, all appliances, and heat and air would be replaced. Also, decided to have washer/dryer connections installed and include stackable washer/dryers. All doors and trim that were previously stained, have been painted white, the previously smooth and beat up walls are repaired and textured. Kitchen cabinets had trim, paint and nickel hardware added. New vanities, toilets, lighting, and some new and some refinished tubs. Broke ground on the rehab around 6/15, and even though there's been a lot done there's still a lot left! I live in Florida, and have been coming to the project about 3 times a month since it started! Contractors have no sense of urgency and never have enough people working at any one time...very frustrating to manage this project from afar. I think i've finally reached my breaking point and am backing up to punt...looking for a fresh, motivated and affordable contractor to step in and stop the bleeding before i'm out of resources! I'm meeting with my prospective management company this week to see if their in house maintenance staff is capable of finishing up everything...if so, I may just hand the keys to them. Really would love a pep talk, lol...or to hear some others experiences if ever in my situation.

I just purchased a 20 unit property that needed extensive rehab...local bank funded the purchase and structured it as a construction loan based on "after repaired value". It's a 12 month loan and after stabilized I'll be seeking long term perm financing. All in all it was a pretty simple deal to put together, not real fast but it did finally close.

After 3 months of rehabbing my first multifamily property (20 units) we are getting to the fun parts of the project, the details and decor!

The current mailboxes are located at each buildings stairway and are comprised of two 8 door boxes and one 4 door. The boxes are 46 years old and would need substantial work to restore. The new 8 door cluster style boxes cost between $1,100 and $1,400. My property manager has a 100 unit property close to mine that uses residential front porch style (non-locking) mailboxes and has for years. Does anyone else have experience with this? I like the idea of having 20 individual and affordable mailboxes.

yeah, I wouldn't take this on alone 

@Tab Teehee I would say the best use for the 16 acres would be a residential development of single family homes. This has been nothing but rural pasture land all its life so I doubt any environmental concerns exist.

I guess I'd be willing to be involved in the "risk" as for as a partnership that involved developing the land. The two parcels are separate, and taxed separately. This was a block of land my Father in law purchased 50 years ago, built the apartments on some of the land and had plans for developing the rest until health issues got in the way. Should I approach some local builders? I just don't know where to start? This is such a unique piece of property! Local realtors seem a bit clueless in regards to its value and marketing, and some of large commercial brokers i've talked too, never bother to get back with me. I feel like listing by owner would a waste of time. Ugh!

Lol, can't figure out how to edit my post through the App! It should have said "if I knew how to develop it I would"....,

I'm sitting on two parcels of land...16 acres residential and 11 acres commercial with 8 acres in between that my 20 unit apartments sit on. We're in the middle of a remodel on the apartments which is where our attention has been focused. Recently we were approached with a cash offer on the 16 acre parcel. The land isn't on the market currently and this potential buyer just inquired through a family member he was acquainted with. We had an appraisal 1.5 years ago that valued it at 220k and this was before google announced plans of a $600M expansion to their data center located near this property. If I know how to devolve it I would! Where does someone with no knowledge start? It's the only available land of its size inside city limits with all utilities available. I just believe the 200k cash offer is waaaay to low.

I'd love to add the chair rail! I think that makes perfect sense and gives a bit of a look of luxury to a boring space, I also think my contractor will shoot me if I make another change to their scope of work, lol! Ironically, I'm staying at a hotel now, (in town checking on the progress) and the walls in my room are painted light grey and it looks really nice. White ceiling and trim with espresso cabinets and a darker grey accent wall, looks very stylish. I'm headed to Lowe's to look at some grey samples. I'll probably end up with some eggshell Valspar. Anyway...keep the feedback coming, I love hearing everyone's different perspectives! I'll report back with what I ended up with.

@Brian Pfaehler Thanks Brian! Wish we had a menards around here, I've been in a few in illinois and kentucky before. All we have in Oklahoma (where my apartments are) and Florida (where I live) is Home Depot and Lowe's. Trying to decide if it's worth it to see about opening an account with Sherwin Williams, but I'm afraid that even with a volume discount it will still be more expensive than big box stores. Have you had any issues with spot repairs on the satin your using?