Multifamily Virtual Real Estate investing Part 2 - Clean-out & Demo 12 Unit Apartment Building

Hey folks, thanks for tuning in for Part 2 of our series on the twin apartment buildings we recently purchased in Cleveland OH. We got so many requests to document the process of purchasing, rehabbing and renting from Part 1, that we had to make this a series. We've outlined the high-level steps below. Of course there's a lot more that goes into this type of project.

Step 1: Locate off-market wholesale properties by driving for dollars. Use the Deal Machine app to send postcard to owner. Skip Trace owner to find owner's phone number. Call & Text. Make contact with owner. Negotiate win-win deal to purchase the property using all cash.

Step 2: Clean out, secure, and demo
The property had a ton of trash and debris. As you can see from the video our crew over at Property Junkies cleaned out 2 apartment buildings spanning over 8,000 Square Feet. They also did some demo. In addition, they boarded up and secured all of the windows and doors. The total cost was about $4,900.

Step 3: Get inspections, rehab scope of work, and architectural drawings (depecting the rehab that needs to be done, drawn to code).

Step 3A: Secure financing for to pay for the renovations. Options include using your own cash, bank financing, construction loan, private money or hard money.

Step 4: Is awarding the rehab contract to a General Contractor. We have gotten several bids and are still interviewing contractors.

Step 5: Construction process. This is an extensive rehab. The buildings need all new mechanicals (plumbing, electrical, HVAC). New windows, new kitchens, new bathrooms, sand and refinish hardwood floors, etc. The rehab will take about 4-6 months.

Step 6: Lease up.
Market apartments for rent. Put prospective tenants through the application process. Select tenants. Move tenants in, begin collecting rent. Stabilize property.

Stay tuned and let us know your feedback and suggestions! Thanks for watching.

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Prime Corporate Services
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