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Ep. 145 - Why We Bought This Property; How We Started Renovations; Venture on 36th Street
In this episode of "Kiss My Assets," Bella and John provide an update on the 36th Street property in Phoenix, Arizona. The property, strategically located near employment centers and nightlife, is undergoing renovations. John mentions the challenges of rising construction costs, particularly in paint and appliances. Despite these challenges, they are on track to deliver the first batch of ten renovated units October 1st.
The property features 30 units, a shared courtyard, covered parking, and a pool. The renovation aims to increase rents significantly, with one-bedroom units expected to go from $930 to around $1,300 per month and two-bedroom units from $1,000 to approximately $1,600 per month. John anticipates attracting higher-quality tenants after the renovations.
They also discuss the project's financial details, such as a 12% target preferred return, a $1,000 minimum investment, and a three-year target hold period. Currently, they have 139 Arizona investors and 8 out-of-state accredited investors through the Reg D offering.