“It is the neglect of timely repair that makes rebuilding necessary.” Richard Whately

When I get a call from a tenant, regarding any kind of physical issue with their unit or the building, it is my goal to rectify the problem in 24 hours or less. I usually am on the phone immediately to the proper vendor and get them over to the unit to make repairs as soon as possible. I have had many calls from tenants thanking me for taking care of their issue right away. Sometimes it can’t be helped. Your stove needs a part that must be ordered, your repairman is out of town and you have to find a referral and sometimes the tenant just doesn’t tell you there is a problem.

IT WORKS BOTH WAYS Some tenants don’t want to “bother” you with maintenance issues, but things like a leaky faucet can be costing you dollars every day. Quite often things that affect your bottom line will be the least reported. Additionally some issues like a roach or vermin problem could be moving to other units and potentially cause a health problem. I have an inspector who checks my units every 3 months and in the years he has been going there, I have not experienced any issues since the original one which sent him there many years ago. It also provided me with documentation in case I should ever be sued.

INSPECTION. It is always a good idea to inspect your units twice a year. It gives you a better idea who (how many?) is living there and how neatly they live. I once had a tenant who was a hoarder and if he hadn’t had a small issue with his unit, I never would have known. Subsequently, we checked his unit after 3 months because he would get a new supply of junk. He was an otherwise good tenant, and removed the items (mostly newspapers and some furniture that he would pick up) He would always find new “treasures” and take them home. Having your own inspection is more proactive and creates less surprises.

WHAT TO DO? If you find an problem with your tenants living condition that is their fault, send them a written notice as soon as possible. Follow up with a re-inspection and if the condition persists, contact your Real Estate attorney. Often a letter from an attorney will motivate the tenant better than you. Also frequent visits to your building when you are in the area are always a good idea. You may notice something such as faulty wiring, suspicious people in the area or a potentially costly water leak on your landscaped area that you can quickly fix and save some money!.

“If you are not having fun then you are doing something wrong.” Groucho Marx

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 or you may want to move into a more passive real estate investment, such as a triple net or a DSL.. 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.

We look forward to a prosperous 2025 and we look forward to be of any help we can to buyers and sellers of multi unit properties.