Renovating 11 units. Preparing for the next 44.

Earning the money to keep going

Ethan and Eddie started by working jobs, reselling furniture, and cleaning airport floors. They describe selling more than 200 couches over two years before moving into house flips and apartment projects. Ethan brought what he was learning in the mentorship to their work together.

Their operating businesses mattered long after the first purchase. When an apartment renovation needed more money, they continued earning it through cleaning, construction, and other projects. The interview makes clear that a small amount paid at closing did not mean a project without substantial costs.

The 11-unit project

An owner conversation and months of follow-up led to an 11-unit purchase. They describe acquisition financing split between a local bank and the seller, with about $2,600 paid out of pocket at closing. They were responsible for funding the renovation.

Related reading: A six-unit partnership, followed by a 14-unit purchase.

That renovation ultimately cost about $290,000, beyond debt-service costs. The partners lived on site and worked through difficult conditions while completing the project. They reported a $1.7 million appraisal after the improvements, with a refinance scheduled next. The appraisal represented a valuation, not proceeds from a sale.

Keeping the first building while planning the next

The plan was to use the refinance proceeds toward a 44-unit purchase while retaining the 11-unit property. Another long-running owner relationship had brought them that opportunity.

They also planned to bring in a partner to provide working capital and reserves for the larger renovation. Both the refinance and the 44-unit acquisition were still pending at recording. The conversation follows the decisions behind that planned expansion, including the cash, construction work, and partnership terms still needed to complete it.

Related reading: Four Partnership Structures Behind 171 Units in Stephenville, TX