Landlords - Increase your Rent Roll by 20%?

[DarkSkies]

Most of the demand and money in the market is driving new construction.

But...what do you do when you don't have 2-400k for a tear-down and complete re-build?
You make do with what you have, which is something I've always been good at.

The thing about 1950's era apartments is...... style wasn't much in the picture then.
Things were built for
A. sturdiness
B. and functionality for that era.

Many would rather gut than do a re-model because of the special challenges..
1. Heavy plaster and wire mesh in some walls.
2. Concrete walls and floors in some bath and other areas.
3. Old outdated wiring being a potential fire hazard.
4. Lack of modern conveniences many of us take for granted such as adequate electrical outlets, rooms and windows designed with energy efficiency, etc....
5. Old boring tile/linoleum/cabinet styles....reminiscent of the Soviet Union...:boring:

[DarkSkies]

Because of my unique experience for the last 20 years, I have met and worked with a lot of landlords and property owners. I know they can be a tough bunch.

Let's face it....if you're a landlord and spend too much on RR, you won't make money. Profitability is always about the bottom line....Revenue must equal a comfortable cushion above the Expenses, or else why bother owning property?

However, because of my experience, I have also seen the different perspectives of
1. buyers,
2. sellers,
3. Real estate investors and flippers
4. those who live in Apts... saving up for a house,
5. and those who live in Apts..... because with today's high down payment requirements they have little chance of owning a house soon.

Many landlords make the mistake of taking this last category for granted. What if you could take this group of tenants, and (complying with all the Housing requirement discriminatory protections) Cull out only the best of the best?.......

Tenants who were
A. In the best financial shape....
B. Most likely to stay long-term, or stay without causing complications and damages.










Some of this is common sense, but other factors can be strengthened by careful marketing/ screening, and a few distinctive rehab touches.

In the next few pages, I will attempt to show, through some pics of a remodel, how you as a landlord can realistically realize that gain, with just a little extra touches, that even renters will appreciate and clamor for..........

Tune back when you can....I may not be able to come back and complete this thread for awhile......







**Landlords, feel free to contact me in confidence for ways I may be able to help you, and different, affordable options.......

[nitestrikes]

5. and those who live in Apts..... because with today's high down payment requirements they have little chance of owning a house soon.

Many landlords make the mistake of taking this last category for granted. What if you could take this group of tenants, and (complying with all the Housing requirement discriminatory protections) Cull out only the best of the best?.......

Tenants who were
A. In the best financial shape....
B. Most likely to stay long-term, or stay without causing complications and damages.











In the next few pages, I will attempt to show, through some pics of a remodel, how you as a landlord can realistically realize that gain, with just a little extra touches, that even renters will appreciate and clamor for..........



Good point there DS. Seems you are on to something. Just read this today-

"Rentals are in demand because tight mortgage standards and flat incomes have pushed homeownership out of reach for many. In addition, many households — especially millennials and downsizing baby boomers — like the flexibility of renting. And after watching home values plummet during the housing bust, some people are “skeptical about the wisdom of using a house as your primary investment asset,” O’Keefe said."

http://njrereport.com/index.php/2014/11/28/a-different-kind-of-housing-boom-in-nj/

[DarkSkies]

^Thanks for the kind words. I try to pay attention to market tends. I think I succeeded with this project....finally finished.

Although the rent is not the highest in the market..... There was still over a 15% revenue gain with the modernization. The ad was so good it generated calls weeks after it had been taken down. People came out of the woodwork saying how much they wanted to live there.

A friend helped..... we turned that project into one that still is a little retro, with everything a modern tenant would want. Many updates and upgrades that make for convenient living.
Key things.....
1. Location.....as always, is a good and desired location. Everything else flows from there.
2. Tenant Feedback - ask potential tenants what features they are most looking for, and try to deliver when you see a pattern in the responses.

I'll try to post some pics and explanations as I get more time.

[ledhead36]

15%, no big deal. Why not 20%? You know I'm just busting balls, brother.
Have not heard from you in a while Rich. Are you ready to start fishing in 3 weeks?:thumbsup:

[finchaser]

with this weather^^^^^^^^^ more like 6 to 7 weeks and don't forget no more 2 at 28:clapping:

[Monty]

15%, no big deal. Why not 20%? You know I'm just busting balls, brother.
Have not heard from you in a while Rich. Are you ready to start fishing in 3 weeks?:thumbsup:
Rumor circulating Dark is taking this year off from fishing. Maybe next year he will be ready to fish from the rocks again and get that thirst for the salt back. Think he was even thinking of changing the site name to HomeImprovementsAndAnglers.com for 2015.

Plus 2014 he was the googan of land, sand and sea. He might want to rest and refocus this year.

[finchaser]

^^^^^:clapping::clapping::clapping:

One question what rocks??????????????????????

[DarkSkies]

15%, no big deal. Why not 20%? You know I'm just busting balls, brother.
Have not heard from you in a while Rich. Are you ready to start fishing in 3 weeks?:thumbsup:

I know you're just teasing, but I'll explain anyway.......:HappyWave:
It's an old marketing trick. Customers are more likely to buy a product priced at $499, when others are priced at $500 to $505. It's the psychological difference of being at the next lower level.
Houses priced to sell often are priced this way as well.

For most products or services there will be in invisible ceiling...... the price beyond where demand will start to decrease.
If you're smart you will research your market area, know what that ceiling is, and try to price below or just slightly under.

For Real Estate,
1. Location is the most important factor in gauging demand.
That, and
2. convenience to transportation routes
3. and shopping, etc.....are factors that can help with your pricing strategies.
4. Also, time of year is critical.....selling real estate or renting apts in Winter is more difficult because of a seasonal lull in demand.

Factoring these all together and delivering a good product is something that will help anyone involved in selling real estate, or even intangible services.
If your product or service is the best in an area, you can command the highest price.
However.....unless your target market is very affluent, or the demand is inelastic (like with cigarettes) a successful marketer will factor strategic pricing into every marketing decision.

I know it's long-winded, but if we were to just talk about location and pricing, that doesn't cover it all.
**In today's market you have to understand and serve the consumer/ target market as well, no matter what the product. Thanks for reading.







Fishing........
Led......I won't be starting early in the season this year to fish.....
I probably won't have time to fish till April.....you people can catch em up before then....:thumbsup: :HappyWave:
Sorry about being out of touch....I have lost touch with a lot of the people I know.....I'll try to make the rounds in the Spring and come say hi to you guys.....If I run into ya's i'll bring the chocolate donuts in case Swiss and the usual crew are out there this year as well.......:fishing:

[DarkSkies]

with this weather^^^^^^^^^ more like 6 to 7 weeks and don't forget no more 2 at 28:clapping:

I hope this new set of regs makes a difference, Fin.......we really are at a critical point with striped bass.......I think someone else here mentioned that hardly anyone floats worms in the Shrewsbury/ navesink, Raritan, and Manasquan rivers for bass any more......the amount of resident bass in North Jersey has really shrunk......
http://stripersandanglers.com/Forum/showthread.php?7174-S-amp-A-Education-Series-NJ-s-resident-bass-why-have-they-abandoned-us






Rumor circulating Dark is taking this year off from fishing. Maybe next year he will be ready to fish from the rocks again and get that thirst for the salt back.


Just remember you're older than me, pal......:moon::laugh:
And when you're climbing on the rocks and standing on the edge of life and death at night.....then ya can start busting my balls and tell me how lame I am......:HappyWave:
(I'm laughing hard as I'm typing this...:ROFLMAO..thanks for the laughs..:clapping:...I needed them....:thumbsup: :thumbsup:)






^^^^^:clapping::clapping::clapping:

One question what rocks??????????????????????

Yup..... there will be no rocks left in jetty row, save for the notched ones....
1. either we'll have to take a road trip to mug the OGB,
2. or join Monty's nomadic trips to LI.....
I heard one requirement for driving in Monty's SUV is that you shower regularly.....so I guess I'm out.....:laugh: :HappyWave: