“Don’t wait to buy real estate. Buy real estate and wait.” Will Rodgers
I was speaking to a colleague the other day about interest rates and multi-unit values. Like me, he has been selling apartment properties since the late 1970s. He mentioned that we have seen some crazy interest rates on multi-family properties, especially during the 1980s, and yet we have experienced record appreciation, sometimes during the times of the highest interest rates. My reaction was that everyone has to live somewhere, whether it is an apartment or a home. No one has to have a business location, an office, a storefront, or an industrial property, but you do have to live somewhere. He sent me a rate sheet from 1981. TICOR WHAT IS THE UPSIDE? WHAT IS THE DOWNSIDE? SHOULD I WAIT TO SELL? “Life is about timing.” Carl Lewis What we at PRS PROPERTIES CAN DO. We can give you a good idea of what your building would sell for in its present condition. We can do a rent survey, to show you whether you are under-valuing your rents and what other owners with buildings around your property are charging. Even with rent control restrictions, it may be time to raise rents before the sale. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building. We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium, or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45-day identification period runs out. Should you decide to put your property on the market, we will put together an aggressive, targeted, and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call. Remember – KNOWLEDGE IS POWER! |
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