Michal Wach recommends reducing the scope of renovations on rental units—focusing on need-to-have upgrades rather than nice-to-have finishes—since rents have already increased on their own. He also suggests knocking on tenants' doors to discuss potential turnover, which can allow you to reset rents higher, and monetizing overlooked assets like storage or parking spaces.
If a flip has gone sideways and expected values are no longer achievable, Michal suggests two creative options: selling the property to a joint venture partner at a favorable price to remove it from your books, or transitioning the property into a rent-to-own strategy for two to three years to recoup capital through the initial tenant-buyer fee.
According to Michal, patient investors can find opportunities right now because multiplex prices have become more reasonable. However, he advises treading lightly, double-checking all assumptions—especially when using private money or partners—and focusing on properties you can hold for five to ten years rather than quick flips.
Michal emphasizes protecting your mind by limiting consumption of fear-mongering news and headlines. He recommends staying in consistent contact with your power team and investor network, hearing the real in-the-weeds stories from others, and remaining clear on your personal risk appetite and long-term direction rather than making knee-jerk reactions.
