“Efficiency is doing better what is already being done.” Peter Drucker

For a little more than the cost of a window air conditioning unit, you may want to consider an air conditioner with a built in heat pump. This unit can supply your tenants with heat in the colder days and cool air in the heat.

WHAT IS A HEAT PUMP These window mounted units are efficient and easy to install. They look like window mounted air conditioning units, but they are able to supply heat to your unit as well. They mount in the window, just like an air conditioner, so installation is much easier than a mini split unit or central air. In the last couple of years, I have purchased two units. The cost was under $600. per unit and the installation is just like a window mounted air conditioner.

HOW DO THE TENANTS LIKE THEM? In both cases, I have gotten great reviews from my tenants. My plan is to replace all of my air conditioning units with heat pumps, when the existing units need replacement. I had a client who owned a building consisting of ten two story townhouses of approximately 1000 square feet each. When I sold the building a couple of years back, I was amazed at how efficient heat pump units were and I decided to start using them in my own rentals.

ALTERNATIVES One alternative is installing a wall heater and window mounted air conditioning units. This involved two individual pieces of equipment, both requiring installation and maintenance. Another would be a mini split system, which requires even more of a job in installation and, of course maintenance. Lastly, there is central air and heat which would require ducting to your units, and installation of a large exterior unit. All of these alternatives involve substantially more cost, especially central air and heat. At the end of the day, your heat pump will do the job efficiently and with much less expense.

“You can’t put a limit on anything. The more you dream, the farther you get.” Michael Phelps

What we at PRS PROPERTIES CAN DO. We can give you a good idea of the current value of your building. We can suggest changes you might want to make before sale to give you an idea what type of building you would be able to exchange into. You may decide to stay in the rental business. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparable in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

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 are currently looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We can offer a 7 day escrow and all cash at closing. Give us a call. We have also 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.