Multifamily Missteps Hosted by Jerome Myers

Is The Rehab Budget Right? - Chris Grenzig

March 29, 2022 Jerome Myers - The Preeminent Authority on Dream Realization
Multifamily Missteps Hosted by Jerome Myers
Is The Rehab Budget Right? - Chris Grenzig
Show Notes

When it seems like everything is going as planned, suddenly, you went way under budget for the renovation. That was the problem Chris Grenzig had to face in his deal. He shares the importance of surrounding yourself with people who know more than you and why you should always ask more questions and look for potential drawbacks to plan for contingencies. Listen as he shares this huge hurdle that was eventually turned around with a better plan and increasing rental growth.

[00:01 - 06:28] Opening Segment 

  • Chris Grenzig on getting his feet wet in the business world
  • How COVID-19 triggers the shift in focus on the world and business

[06:29 - 17:03] A Huge Budget Deficit for Renovations Saved by Rent Increase

  • Surrounding yourself with those operating at a higher level
  • A major underbudget mistake from 13k to 30k per unit
  • Pushing from the initial partial renovation to a full-on revamp
  • Increasing rent growth higher than the projection

[17:04 - 24:49] Closing Segment

  • Ask more questions and look for potential pitfalls
  • Final words

Tweetable Quotes:

“If you're starting from scratch on everything, you're basically at everybody else's mercy at that point.” - Jerome Myers

“I probably should have brought in more experience earlier on and leaned on them heavier than I did, I think I was probably a little naive… and not really asking the questions of like, ‘Hey, what can go wrong with this plan?’ and not really looking at contingencies and backups and potential pitfalls.” - Chris Grenzig

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