http://youtu.be/OZiR7mLXxuI
When I bought Johnson Ave the goal was simply to get
in the deal, and flip it out to an investor. Numbers looked
good for a small apartment complex.
Well after sitting on this deal for several weeks I realized
that for that particular area investors were just not willing
to do the construction themselves. Fear of things being
broken into and delayed during the rehab process became
the reality I was faced with.
No buyer, no problem......I simply got me construction crews
on the project. Finished the work in 1/5 the time it would take
anyone else. By the way, doing the work quickly makes it
much more cost effective and tremendously limits any potential
break ins if you are in a rough area.
Then got the management company to rent out most of the units inside
the complex and the property sold above my asking price.
Lesson:
Always make sure you have multiple exit strategies. Once you go
down a path that doesn't lead in the direction you want your
only option is to keep dropping the price till you lose money on the deal.
But if there is another path to follow.....then you are all good!
To Your Success !!!
Peter Vekselman
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