Renovating and stabilizing a 6 unit is one thing, but taking on a 70 unit project is in a whole other class, pun intended.
Dan Botwinik has been specializing in distressed multi-family acquisition and management, and has recently completed a major renovation and turnaround he is going to discuss.
Here are some of the points Dan will cover:
- Acquisition and negotiations
- Budgeting the renovations and the decision to significantly increase the scope and finish level to $2MM
- Permitting process, including engineering
- Locating the sweet spot of maximizing revenue and value, and minimizing construction costs
- The all important numbers
- Evictions and managing tenant expectations throughout the renovation
- Financing and refinancing
- Before and after photos
Dan’s company was awarded Outstanding
Landlord Award by the Bridge of Central Mass in 2012 and continues to grow, with over 400 units under management. Questions are welcome, as he goes through this project, you are sure to have lots of them.