How I Built a 56 Unit Apartment Complex!
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- čas přidán 13. 12. 2021
- In this video I wrap up our 56 unit apartment complex in Bainbridge Georgia. This has been a 14 month journey from Raw Land to tenants moving in. It's been a crazy long journey and good to put a cap on this project as we have quite a few others in the pipeline that we are looking to build. My buddies JR and Mark come to visit the site with me in the final two months of construction. Theres a bit of Q&A.
In between this time. I made a pitstop to Tulum Mexico to close on a investment Villa there. (Another video coming soon on that).
In this video I also travel to a couple other cities. At this time we are also developing a 48 unit apartment complex in Cairo Georgia. Also starting another 80 unit development in Dublin Georgia. An operation like this takes quite a bit of effort and competent team. All of us partners are having a blast and feel blessed that we can take part in doing something we love every day. Hope you guys enjoy the video.
-George
Seven different colors on the exterior is crazy.
Crazy profit I agree
Very professional job !
God Bless You and Family !
Thanks!!!
It is the most beautiful appartment i have ever seen
Thank you!
muy buen contenido. aprendi bastante y me embullo mucho para mis futuros proyectos. suerte muchachos
Gracias por todos las palabras mi amigo. Buena suerte para tus futuros proyectos
Nice going with the mini splits my man!
Thanks a must do
Projects are looking great! I appreciate you being so open. I see that your building laundry facilities on each site. Wondering if the units will have washer/dryer hook ups as well?
thank you eric. of course we are open book. not at this time. wasted space. we are exploring other options but none that will have WD in each unit.
I’m curious (and maybe I’ve missed it) what the numbers behind these look like? Rents, roi, etc
They’re beautiful properties I’m excited to see more, job very well done 👍🏼 !
thank you! im going to do another video on the numbers but it was budgeted at 4.3 million by us and the bank but we went oer and it ended up around 4.88mill. Rents $975/month avg room. completely filled since day 0. no vacancies
Thank you for the update. I’m following your progress closely . Question, if you woke up and realized the bainbridge project was all a dream. All the issues that you were or are dealing with was all in the dream, but in reality you’re about to start the project in a few weeks. What would you do differently?
thanks pouchy. interesting questio. idk,,, assuming i dreamt the real problems and not fake dream problems i probably would navigate around them since i know what the problems will now be. but honestly probably not much different. Nothing went terribly wrong just over budget a little bc of worldwide issues. i would hire someone competent to handle all of the on site supervision bc we didnt have one for this project. It was a hack job we put together bc all us partners are high level operators but the next projects we went on hiring spree bc we are building 1000 units at a time now and cant possible do it all ourselves. This is very much a startup. We are figuring out stuff everyday wearing tons of hats. cant begin to even explain all the probelms we wake up to everyday. But its fun, exciting and worth everything. good luck
You're a motivation sir, I'm shopping for my 1st 4 plex and from there transition into apartments..
You can do it!
great looking places, but you can control the peoples thermostats ?
yes
0:07 Lol, I knew from the intro the location was in a southern state because the church across the street had a grass parking lot. Those poor churches are ALL over the South. That type of parking lot is very uncommon in northern states. Then later in the video, you said the city/state names and I found the apartment address on Google Maps Satelite View just by looking for the church with a grass parking lot, ha, ha. 😂😂
You need a fence around the property because Google Street View shows a big yellow school bus parked on your side of the street right up next to the trees you've planted. The bus is way up in the grass and will make it all muddy eventually. That's the downside of building in poor neighborhoods, people will tear up everything nice, and they have no morals. Maybe talk to the city and see if they will install no parking signs on your side of the street, they might do it for free. Anyways, good job on the build.
Bobby reach out to me @realgeorgeyu instagram
@@justdoyu I don't have an Instagram account.
How much is total project cost ?
You in the us have beautiful homes. I am from belgium and we have very ugly homes. They have made a book of ugly homes
Haha it’s just new homes. Modern.
Can you come to DONALSONVILLE, GA and build some apartments?
Not a large enough population or city
Maybe another product but not this one
How long would it take to get a full return on your investment? How many acres did you start with?
We got back our intital in 14 months after refi. 3.75 acres
Was there a reason why you didn't build a3 or 4 story building instead of 2 story or a concrete frame vs timber frame ?
Great question we were just getting started and didn’t know as much as we did today. We are now building three-story garden style.
Fire 🔥. I would love to pick your brain. I’m Building a 44 unit townhouse project.
Pilot ✈️ and air traffic controller
Where are you building this at? Fellow pilot nicee
@@justdoyu We're building in Titusville, Florida. It'll be a townhouse rental complex. It's zoned for 69 units but with city restrictions we're held to 44 units. It'll be an interesting journey, would love to understand your perspective looking back on the things you've learned.
@ JustDoYou I'm also building an smaller project as well. Two new duplexes (4 doors) that I'll use as STRs that should be a cool project when completed.
Exactly where is this in Bainbridge? Are these available yet?
Yes.
What financing terms did you use? years? rate? Thank you in advance for info
Construction loan 24th months option for 36. 5.15% variable in 2021. Permanent debt was 15 years Fannie/Freddie 4.35%. First 5 interest only.
Do you have a development company or is it just you and a couple of partners working together?
Me and couple partners. We are the Dev company haha
Great job not putting carpet on the stairs! Carpet on stairs just creates a recurring maintenance fee and hygienic issues.
Correct! Building it is one thing but managing it is a whole other beast
are y’all still building with higher interest rates?
No other choice
Nice ! How much did it appraise for ?
7.9mm
@@justdoyucongratulations
How many did you build on and is it a requirement to have so much space per unit
good question will do a video
*acres
hey brother if its not a secret what was the budget land included?
6..5mm
@@justdoyu 6.5 million?
At 4.88mm that’s a price of 87k/dr is this without site acquisition cost? or is this your TDC?? If so how in the hell are you getting your build cost at 87k/dr I’m fighting to try and get to 165k/dr lol please let me know.
Also since you are in smaller rural towns are you utilizing the 4% LIHTC?
No LIHTC. yes including land. TDC.
Market dependent. Lots of factors
Are you guys open to additional partners? Would be interested in the buy in.
Always interested in investors reach out to me on Instagram @realgeorgeyu
How much did it all cost?
My firstborn
tell me how much you spend before u made any money?
spent my whole life working towards that moment. The exact figure won’t help you. Your looking for a miracle number or process. There isn’t one. Instead, Find what you love and be willing to do it until you die
Wow. A Chinese speaking English 😂😂😂😂😂😂😂
😉