“There’s always stuff to work on. You’re never there.”

― Tiger Woods

I often see rental units that are 700 to 800 square feet and have one bedroom. I have even seen studio units with that same square footage. The rental value, in most cases, is much more with more bedrooms, so by reconfiguring your unit, you could increase income without building a new unit.

WILL MY UNIT WORK? If you have a unit that is currently vacant or coming vacant soon, you will usually be looking through the apartment for all the repairs you will be needing before you put it up for rent. Maybe you could make that one bedroom into a 2 bedroom or maybe even a 3 bedroom. Take a look at what you can imagine and write down some ideas. Is there a den or a dining room area that could be converted? Is there an unusually large kitchen area that could be part of a new bedroom? Once you have some ideas take them to your contractor to see if they are feasible. Are you moving a load bearing wall? Have you overlooked other requirements regarding changes to the unit? It could well be that your contractor may have an even better idea, maybe one involving less changes than you were thinking. You probably want to speak to a few contractors. They will give you more ideas, as well as different bids so that you can find the best price for your renovation.

ONE AT A TIME. You don’t need to do your whole building at once. In this time of rent control, you probably won’t have the option to get multiple units vacant at the same time, so this does not need to be terribly expensive. Once you have decided on your project, remember time is money. You need your contractor to work with your deadlines, maybe even offer a bonus to get it done on time. Obviously, there is little you can do about the City or County as far as getting permits done, but do your best to keep your project on their mind by staying in contact.

MAKE IT NICE, Along with adding a bedroom, you may want to upgrade flooring, change a counter top, change some window coverings, maybe some cabinets, so that the unit really looks its best. It might not be a bad idea to hire a photographer to take pictures for you. It’s not that expensive and will make your unit look much nicer that your competition. Now put it on all the rental websites like Zillow and Apartments.com, but make sure you have done a good rent survey and price it right!

If this works out, you can try the same on a similar unit you may have. You could end up vastly improving your unit mix, your income and the value of your building.

“If something stands between you and your success, move it. Never be denied.” – Dwayne “The Rock” Johnson

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. 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 easy and inexpensive changes that might allow you to get a higher value. 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, deferred maintenance 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 currently 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.