Flip and Danny bought a 56-unit apartment complex in October 2020, fired the supervisor for criminal activity, evicted tenants during COVID, and renovated every unit. They hit 100% occupancy in about a year with help from their property manager, Chris.
Questions this video answers
October 15, 2020.
56 units total.
Three buildings with 48 units behind the hosts; the remaining 8 units are about five minutes down the road.
IPM (Independence Property Management).
100% occupied (stated as of yesterday/as of today in the video).
Hey, everybody, Flip and Danny here, co founders of the Freedom Real Estate Group, family of companies, sort of doing the selfie mode here. Yes, we are out in the middle of nowhere here. Well, actually not in the middle of nowhere, out in the middle of Middletown. How about that? But we'd like to welcome you to our vlog series.
This is number 43. Can you believe we're on vlog number 43? Because we couldn't. Luckily, our team members are helping record these so that we don't have to do them every single week. But here we are, back flipping Danny.
And today is an apartment update.
That's why we're right here. All right, like we said, this is an apartment update. That's why we're here. Standing in front of our apartments, we had bought 56 units in total. Behind me are three buildings with 48 units. About five minutes down the road is the other eight units. And we're doing a quick update because we bought these October 15, 2020, so almost a year ago, just shy of a year ago. And we have completely turned this place around. So the high level overview is when we bought them, we didn't realize that the person that was supervising the property, leasing everything, handling all the maintenance was a drug dealer. We'll get into more of that on a podcast. But as a result of that person being that person, there was a big hu scam going on here with regards to the tenants, with regards to drugs, homeless people, everything. It was a mess. We had to evict everybody during COVID and then rehab every single unit and then fully occupy it again. And this is kind of like a congratulations to our property management company, IPM Independence Property Management as well. Because as of today, and I think it was actually as of yesterday, maybe this apartment complex here is 100% occupied. I just want to go crazy. Anyways, we are going to be sharing with you on our next podcast with Chris, our property manager. We're going to be going through all the details of this apartment complex and kind of like a case study of when we bought it, what we bought it for, how it got turned. Turned around, all things like that. So if you're interested in learning more about this apartment complex and how we turned it completely around and filled it right back up within a year, then join us on our podcast.
Well, as you know, we like to keep these short and sweet. So make sure you keep an eye open for the podcast, which is real talk, real talk for the real estate investor. And as you know, we always like to end these with invest smart. Live Happy.
Bye, everybody.
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