Axel interviews Ken Gee, founder and managing partner of KRI Partners, to talk about the five crucial steps you must take to renovate your multifamily properties. 

 

There is a profitable way to invest in real estate, and that is finding a tired multifamily property and putting life back into it through good management, capital improvements and renovations. By doing this, you are adding exponential value not only to the property and investment but to someone’s life too.

 

In this episode Ken and Axel dive deep into the five most important steps you must take to renovate successfully a multifamily property: the first three are a must and refer to a depth-in market study - your entire business plan is based on this step -, the determination of a renovation budget and a “sit on your hands” period. The other two refer to the importance of making an outside-in renovation approach and being willing to reassess the plan as you walk through the renovation.

 

Furthermore they talk about how to handle renovations in common areas and why Ken choses the exit strategy of holding on to the property for three or five years. 

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