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23 August 2024 | 4 replies
@Robert Rixer, I don't know how creative these are, as many are common plays:Valet TrashFencing in first floor yardsProviding washer and dryers for added rentReserved, Covered parkingTech PackagesInternet and Cable contracts, with reimbursementsPayment Plan rents, with small service charge (i.e. bill 1/4 rent each week)Reserved Rental cabanas at poolPrivate pool party rental optionGolf Simulator in clubhouse - fee basedOn site, self serve car wash (quarter feeder style)Charged group fitness/personal training servicesGame room in clubhouse with monthly subscription for tenants (Xbox, Playstation, etc)Changing out high maintenance grass for astro turf or lower maintenance/lower water use shrubberyBut ultimately, I think a lot of NOI increases come from deep dive into understanding EVERY expense and finding ways to minimize them, and/or no outsource them.Train maintenance team on basic HVAC and appliance repairs (find way to get them licensed as needed)Buy paint sprayers for faster, easier turns versus having to hire a contract painter, and possibly repaint whole unit each timeStandardize all finishes, so you can buy in bulk, everything from hinges and door knobs to cabinets, paint colors, and light fixtures.Potentially get leasing people onto lower base salary with higher bonus potentialBulk/bundled insurance across portfolio (even better at scale is to self insure)Regularly test sprinkler systems for leaks.Non-NOI, but benefit to you: partner with insurance agency to get referral kickbacks from your tenant base for renter insurance.
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22 August 2024 | 1 reply
Theyve outsourced management to PM companies, and their property values are rising now quicker than they would have before.So good cause evictions, rent control, things of that nature hurt small landlords substantially more.
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20 August 2024 | 17 replies
I do all maintenance and have never had to outsource anything.
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17 August 2024 | 10 replies
I've done the spreadsheets for a decade and then hired someone to outsource books entirely, I think at 50 to 100 units it makes sense to buy software.
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15 August 2024 | 3 replies
So being able to outsource to a company who is solely focused on inspections, turnaround times of 24 hours from inspection to report in hand with photos, it's our first summer using them and it's been amazing.
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16 August 2024 | 12 replies
You could do a limited service (outsource booking + guest communications) to a company like mine or evolve for a lower fee and then manage your own maintenance and cleaners.
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15 August 2024 | 6 replies
Your background equips you to handle the admin work, but as you expand, consider outsourcing to focus on strategic growth.
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15 August 2024 | 86 replies
My buddy and I have both ended up with minorly flooded houses despite the property managers telling us that all the taps had been turned off.If you’re buying out of state, ask potential property managers if they have local staff on site or if they outsource their inspections to a vendor (common for larger PM companies).When I model returns, I assume appreciation on B-/C+ properties at 1% above inflation.
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12 August 2024 | 30 replies
ACtive management locally is always better produce outcomes compare to "semi passive outsource" to OOS.
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10 August 2024 | 10 replies
He says he doesn’t spend a lot of time each month but it might be a lot to manage 84 units knowing I will not make enough to outsource management until the note is paid off in 8 years.