Christian Osgood walks through a 90-day plan to fix a struggling 200-unit, $12.2 million apartment complex. He standardizes appliances to all-black, replaces carpet with luxury vinyl plank flooring, and targets 95% occupancy after the turnaround.
Chapters
We gave ourselves 90 days to turn around a failing 200-unit building. Now, if you guys have followed the channel for any amount of time, you know my least favorite thing in all of real estate is when people mismatch the colors of their dishwashers, their stove, their range, and their fridge. They should all just be one color. We decided to go with black for almost all of these unless the existing appliances were already almost all white, in which case we'll swap out one there. But generally speaking, we want all black appliances, all the same appliance, every single unit. If you have a clean unit with solid flooring, keep the carpet if it's salvageable, it looks good. If not, replace it with LVP. I love glue-down LVP. Click-together works too. And looks a little bit nicer. The glue-down stuff, if you have damage, you can pull off individual planks pretty easily and replace it. So it depends on the aesthetic you're going for, but I really am a big fan of glue-down LVP. The main thing for me though, hard floors everywhere. Where we can eliminate carpet, it is always better. It looks nicer, it's easier to clean, it stays in better repair. Are we gonna make it or are we gonna fall short? 95% occupancy. I'm calling it right now. I think we're gonna hit it.