Hey everybody, Jake and Gino here.

And today we're discussing how to identify underperforming apartment complexes.

A lot of you know us as the mom and pop kings of apartment investing.

That's really what we look for early on in our investing.

But things have changed. A lot more apartment complexes have been rehabbed. And I think ultimately our criteria

for buying has changed a little bit. Gino, what were those days like when we got started back in

the day? Them were the good old days. The good old days back in my day. The market's changed.

It's part of the market cycle.

And it'll revert back.

But I remember specifically on our third deal.

I remember it was Valentine's Day.

I was still at the restaurant.

We had two feet of snow.

We're closing on this deal.

And I remember, how am I going to get to the bank? We just had a major snowstorm in New York. And I'm like, please let me get to their bank. But I remember

doing due diligence on that property. And I remember walking on that property going through those

breezeways. You get rough scuff marks all over the wall. The concrete looks terrible. Going into

the laundry rooms, those laundry machines weren't even working. I mean, you had shelving. It was

just terrible. I'm like, why? Why do people have to live like this? Then you look at the rents

that they were getting. Well, that's what. It was called a death spiral. You go into the units.

They're not rehab they've

old appliances that and this is a mid 90s build yeah and what i loved about the property

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