All Forum Posts by: James Martin

Hey Joseph, is this a practice that you see happening?

Where’s the property located?

It was a hard sell convincing them to spend the money especially when I presented them the roof quote, but the demand for housing is great in the Medical District. So we’re now waiting on approval for fencing at a 68 unit we mange on Stribling Street which is close to the university. Now, these types of purchases and renovations should only be completed by investors who really have the capital and stamina. I would not advise this for anyone who’s new to the multi family or commercial real estate. Once you crack open them walls code will require updates. I forgot to mention that the insurance rate dropped on Pauline once we updated the roof, railings, parking and electrical panels.  

We actually manage a 20 unit at 139 North Claybrook, 4 plex at 593 Ayers and a 5 unit at 301 Pauline Place. The reason why I’ve specifically mentioned these units is because one there owned by a family friend and (2) in a area where crime is very challenging. The first set we renovated was Pauline Place. Previous rents were $350 a month. After rehab the new rental amount was set to $700 a month. We’ve practice this with several other of our multi family clients and found that the most important factor in the rehab that enabled us to up the rents was to install wrought iron fencing, security cameras, new parking lot and key card access. Currently, we’re doing the same at 139 North Claybrook. Each of these units are close to Downtown and the Medical Districts. If you purchase any of these units in undesirable areas I would make sure that a college is nearby or in the MidTown or Downtown area. 

MHA did go through a system upgrade, but we stayed in communication with Rebellious Cole and Karen Meetze concerning two payments. We was updated quickly and received the remaining funds almost a week later. 

Price is to expensive at that location unless it’s turnkey. 

I surely will Joseph! 

Personally I like to start marketing the home 3 days of it being completed. I put my best foot forward with price, curb appeal and calling potential clients during the preleasing to schedule showings. In the world of today with so much advertising I want to keep their attention and hurriedly get showings scheduled. Keep in mind others may do the total opposite of what I recommend, but that’s what separates us. I like the idea of potential clients running into one another when one is leaving the property.  

We usually only provide refrigerator and stoves for our homes that rent under $800 a month. 

We manage several homes in this area. Actually, we’ve been able to secure leasing doing the rehab phases on a few homes over the years. I actually like this area but I’m sure others will charm in with their expertise.