This significantly lowers the cost per door and improves your return on investment.Scalability: A three-story walk-up design allows you to maximize your build cost and land use, just like most professional apartment developers do.Control with New Construction: Starting with a new build ensures fewer risks, as you’ll have control over the property’s condition and avoid surprises from existing structures.Pro Tip: If you do go with an existing property, make sure to thoroughly vet the deal to avoid hidden costs and issues.For first-time investors, multifamily new construction is often the best way to scale quickly, reduce costs per unit, and build a sustainable rental portfolio.

Good quality of life, good potential for appreciation over time, and an area that is unlikely to lose its draw for young professionals and college students for future tenants.

Soft Costs and Professional Fees - Could you share insights on budgeting for architects, engineers, project managers, and legal fees?

We've been happily shifting away from catering to traveling medical professionals in favor of larger groups of either families in a insurance relocation situation or a work crews coming through. 

Readers should seek professional advice.

I am new co-hosting and considering any programs or training to help speed things up and provide any key resources.

Maybe it might be different in your market, but at least here in CA, no real estate agent is going to refer  a client slow poke big bank unless it’s specialized bank offering a specific program that caters to the needs to the borrower.  

Financing was streamlined through Partner Driven’s program, covering both the $50,000 purchase price and the $35,000 renovation budget.

There are a ton of illegal basement apartments all around Hudson County--maybe 10-15 years ago there was a program (at least in Union City) where many of these apartments were made legal, I think partly as a way for the city to generate revenue, and partly as a way for the city to have some oversight, since people were renting these apartments out regardless of their legality. 

I recommend The Multifamily Mastery Program.