Pete Schnepp (video uploaded Jan 4, 2025) outlines a business plan for Woody Creek Condos focused on raising below-market rents by making targeted cosmetic and curb-appeal improvements. Key points: seller lives in Florida and is disengaged; units are 12 years old; current rents about $1,400–$1,500 vs. comparable units at $2,000–$2,500; planned upgrades include new LVP flooring, solid-surface granite/quartz countertops, cabinet refinishing and hardware, selective appliance upgrades, exterior repainting, and asphalt repaving (timing flexible, possibly before sale in ~6 years).
Chapters
What is the business plan at Woody Creek? All right, well, before we dive into that, let's talk about the challenges and the opportunities. All right. The challenge. The seller lives in Florida and doesn't really care too much about the property anymore. She's already done well on it. She built it 12 years ago and she's got too much other stuff going on. The challenge, the property manager is not getting heat from the property owner to manage it better. So the challenge is that the rents are way below market and the opportunity is to get those rents to the market rate. Right now, similar units that have a little bit nicer finishes are renting between 2000 and 2500. These units are currently renting for 14 to 1500. So the business plan is simply to go in and make them nicer, make some strategic improvements, including the flooring. We're going to rip out the 12 year old carpet and 12 year old tile and put in new designer LVP laminate vinyl plank flooring. We're going to replace the kitchen countertops which are currently Formica and put in a solid surface granite or quartz. We're going to refinish the cabinets with a designer color and some new hardware. Those three things alone are going to make a huge change. Now, the appliances are already stainless steel, but they're 12 years old. We may upgrade, strategically upgrade some of the appliances. We've got a budget to repaint the exterior of all the buildings, which we may do now or before we sell in six years. We also have a budget to redo the black asphalt pavement, which we may do now or we may do in six years before we sell. Both of those would provide a tremendous amount of curb appeal. So that's it. It's, it's not difficult. We're going to make the property nicer and get the rents from below market to the current market rate and we're going to enjoy it. So if you're interested in learning more, reach out. Time is of the essence. Please reach out and we're happy to share anything and everything. Take care.
