Apartment Building Stabilization in New Britain, Connecticut
These forums are filled with people looking to find creative ways to make money when it comes to real estate so I thought it would be worth outlining and documenting a strategy/service @Bill Labrecque and I provide for landlords in our area here in CT.
In every market there are out of state or in state owners who are dealing with properties that have, to put it mildly, gotten away from them. These owners are at the point where they just want out, but want to stabilize the property before selling it.
Our typical client for this service is an out of state owner from New Jersey, New York, Massachusetts, or even in state in Connecticut that either made a mistake when hiring a certain management company or super who has essentially took advantage of the owners trust and ran the property into the ground.
This is where we come in. For what amounts to a 4-6 month span (depending on building size and how bad of shape the property is in) we handle the complete stabilization and sale of the property which includes:
- day-to-day management of the property for a fixed monthly fee
- the identification of any deferred maintenance issues that need to be addressed and the coordination of those repairs being completed
- getting vacant units rent ready, advertised, and filled with qualified tenants (we receive a commission for each unit filled)
- coordinating the eviction of any tenant that needs to be evicted
- collection of rents and coordinating payment of vendors that perform work
- handling the sale of the property once the property has been completely stabilized
The appeal to us is the short term commitment (typically 4-6 months) and the fact that there are multiple streams of income to be had if done properly.
In the next post I will detail a specific apartment stabilization we are working on right now...
