351: Case Study: Spending $2M to Scale CapEx
One of the things that I’m most proud of is how we’re doing with deep value-add for our properties. And today, I want to walk you through what we’ve done since purchasing the property at 296 Triskett.
As a refresher, this is a 296-unit, all-garden-style complex in the Lakewood submarket of Cleveland. Over the course of eight months, we invested $2 million in the property and scaled with massive success. We managed to avoid labor issues, we didn’t get clobbered by supply chain shortages, and we were able to increase rent by over $300 in over 140 units.
Today’s episode will be a bit of a case study on how we did it. You’ll learn how we financed the deal and our CapEx, how we managed our construction budget so effectively, avoided the typical snags and obstacles, and created massive value along the way.
Key Takeaways
- Why we bought a 296-unit building with over 43 unoccupied units, low rents, pests, unhappy tenants, and an unsafe parking lot–and how we solved all of these problems.
- How the deal required us to get our CapEx done within two years–and how we spent our money to reduce our long-term overhead.
- Why delivering a quality tenant experience makes it so much easier to bump rents and increase profits.
- How due diligence, good oversight, great vendors, reliable crews, and good data give you the power to massively scale your CapEx.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/351
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