In this video Christian Osgood provides a day‑28 status report on his 90‑day challenge to revive a failing 200‑unit multifamily property (Maverick on Gilmer) in Longview. He outlines the project's original parameters – $371k down payment on a $12.2 M purchase, 75 % occupancy, 46 vacant units – and the goal of reaching 95 % occupancy within 90 days. Osgood shares concrete leasing metrics (2‑3 leases per week, aiming for one lease per day; 4‑5 applications daily; 7 units now leased) and discusses the online marketing strategy (Hemlane, Zillow, AppFolio, new website, signage pending). He details renovation work that is under budget: junk removal completed, painting largely finished, all bathtubs reglazed, deck‑plank replacement underway after a near‑fall incident, and a burned‑out unit remediated. He reports on collections challenges, noting 18 tenants on the eviction list, now reduced to an estimated 9 with half expected to enter payment plans. Three evictions have been completed. Osgood reflects on staffing decisions, keeping two of three onsite team members despite past experience that retaining underperforming staff usually fails. Finally, he provides an investor update: $1.1 M already raised for renovation and closing costs, with roughly half the capital raise still open for accredited investors, and includes a call‑to‑action link to the deal site. Throughout, he expresses cautious optimism, emphasizing that the project is pacing ahead of his projections.
Chapters
We've run into our first little roadblock. We had 18 people on the eviction list. We've already had someone almost fall through one of them. Significantly under our renovation budget. I never see this work out. We're actually pacing ahead of everything that I projected. Hello and welcome once again to Multifamily Strategy. We have another episode coming at you for the 200-unit in Longview. We gave ourselves 90 days to turn around a failing 200-unit building. Crazy low down, $371,000 down to buy a 200-unit building. This place is 75% occupied. It's full of junk. And we have 46 vacancies out of 200 units. We are now at 5 pre-leased units, 18 non-pays. We expect half of them to be resolved. We're knocking it out of the park for leasing volume. So where are we now with the project? Well, we've run into our first little roadblock. However, we're pushing through it. I'll share that here in just a second, but I wanted to give you some leasing updates. We are averaging right now 2 or 3 leases per week. We hope to push that up to a lease per day. We have not yet got our brand new signage ready to go with the property, so it is ordered, it is on the way. But if you're driving past the property, you really still don't know there's anything for lease, but the online presence is getting absolutely nailed. We are live on Hemlane, we are promoting on Zillow, not Apartments.com. I'm gonna share why. We're pushing out premium listings on AppFolio. Basically, the online presence is amazing. And our website got finished about 20 minutes ago. Now we're sitting here on day 28 of a challenge to ourselves to get to 95% occupancy in 90 days. Right now we've gone from 46, we got through a few evictions, and we're now sitting at 44. So we actually went up, down, and then we're going back up. So we're trending the right direction. First major snag that we had though, collections ended up being a little bit less than we had hoped. We are getting that up and rolling and it's starting to gain momentum. So it's feeling better than it was, but we had 18 people People on the eviction list. We got that down to what we estimate is going to be 9. I think we're gonna get payment plans for half of them, and then half of them actually do have to go. That's not the most exciting piece for me though. What we have run into is we are on the exterior portion of this project because the leasing's going really well. We now officially have 10 units online and being marketed beyond the ones that we've already filled. So I'll give you guys the rest of the stats here at the end, but we are rolling through the leasing. We need to pick up the pace a little bit if we're gonna get to 95 by day 90. But we're doing really well. There was a burned-out unit in the building. We have that remediated. We have finished 100% of our junking of the units. So all of the 46 units that we needed to haul junk out of, all the junk is done. All the painting is done. Every single bathtub, which was pretty much all of them, had to be reglazed, which is expensive. The painting— actually, we have a few more interiors to do on them, but almost all of the interiors are painted. And we're now replacing the decks. Every single top patio space, the walk space right when you come out of the door, your front porch area on the second story. Planks there need to be replaced. In fact, we've already had someone almost fall through one of them. Fortunately, there were no injuries, but this is exactly why we're replacing them. Uh, that project is underway right now. Our original quote came in at around $300,000, which is under the initial bid that we expected. Now it looks like there may be some adjustments to it, so I'm not going to release the number yet, but it looks like we are still, after adjustments, going to come in significantly under our renovation budget. So what does this mean holistically? We have now officially leased 7 units. We have evicted 3 people. We have a few more evictions on the docket, but the pacing of our applications are coming in right before this video. And again, we're sitting on day 28 of owning this. About 15 minutes before I filmed this, I sat down and looked at how we're doing on applications. We had received 4 new applications today. 3 of them appear to be qualified. I'm gonna have my team go through and verify that and schedule showings. But application rate seems to be 4 to 5 applications a day, which is Resulting in a placement roughly every other day, hoping to make that every single day, which will have us through the project on time. The lessons that I'm learning so far though, I have absolutely no idea what indicators there are for what staff's gonna work. When we originally did this, I had the hardest time getting these people to submit an application, so my optimism was actually honestly very low going into this project. Also, every company I've had The Robin Hood property management companies I've acquired, other properties I've acquired. Every time we've kept the onsite management that came with the project, it's never worked out, which isn't surprising. If you come into a project that is underperforming and then you keep the team that had it underperforming, it almost never works. That being said, we kept 2 of the 3 onsite members and they're awesome and we love them and they're valuable members of the team. The leasing is going well, the maintenance is going well. They were under-resourced. I never see this work out. It almost never works. It appears like it's going to on this run, which is a Huge bonus and a massive blessing for us. Uh, so if you were one of the people who invested in this deal, congratulations. It's a sweet deal. You should be loving this. This is really fun. If you haven't had a chance to do this yet and you happen to be an accredited investor, I'm actually gonna put a link to our site below, Maverick on Gilmer. There's actually some room in this raise. We raised the first $1.1 million, which got us all of our starting renovation costs, the cost to close, because we bought this bad boy $371,000 down on a $12.2 million purchase. Um, however, There's still roughly half the raise left to go. There is more room available in this deal. If you're seeing the momentum and you're as excited as I am about this transaction, you can actually click the link below and check out the deal itself. I put together a little presentation for you. You can watch through the deal, the returns, the projections. Just know that we're actually pacing ahead of everything that I projected on that video, which is absolutely awesome. So that's Maverick on Gilmore. Link is below. Gilmer is how I pronounce it. G-I-L-M-E-R. I Appreciate you guys supporting the channel. If you haven't had a chance yet, like, subscribe, do the things to interact here, and I'm gonna be releasing updates all the way through this. So turn those notifications on. I'll see you guys on the next update. Bye.
