Will Coleman and Mike Taravella Interview Jorge Abreu of Elevate Commercial Investment Group.
The value of having a construction company in multi-family real estate:
- The ability to feel comfortable buying a value add property that requires a heavy lift
- Being able to come in with a better offer as a result of having precise estimates of capital expenditures needed.
- The necessity to develop detailed systems and processes which can be put in place throughout the entire company.
Main items to look at during due diligence: roof, foundation, plumbing, boilers and chillers, electrical wiring, mold in the interiors.
Plumbing is the most commonly overlooked line item during due diligence in multi-family.
Come out of due diligence knowing exactly what needs to be fixed, how long it will take to be fixed, and how much it is going to cost.
Make sure to find qualified professionals to help identity problems when looking at value-add properties.
Expert Pro Tip: “Be as detailed as possible during diligence”
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