On this episode, Kaycee Miller shares the real story behind building new construction rentals, including the wins and the unexpected challenges.

Kaycee started out buying foreclosures and rehabbing them, but began to wonder if building from the ground up could be more profitable.

She walks us through her transition into new construction, why it can sometimes be more cost-effective than buying existing properties, and how building new can lead to higher rents and better long-term returns. Kaycee breaks down her experience developing an 8-unit property in the downtown area of her small town, including how she found the lot.

We also dive into a unique deal where she purchased an old church that had been converted into a single-family home, but was zoned for multifamily use. That opportunity came with its own hurdles, including navigating historic district regulations and working through the approval process with the historic commission.

But not everything went according to plan. Kaycee shares the reality of lease-up, including the mistake of expecting full occupancy right away and the challenges she faced in targeting the high end of the rental market. She talks about what she learned when demand didn’t match her expectations, how she adjusted her strategy, and what she would do differently next time.

https://rentalincomepodcast.com/episode566

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