Update for This Week
Good Morning every one...I waned to take just a moment to tell every one that we have pick up (2) new investors this week. Both new clients have 1 property each that they currently own here in Rochester NY. They are out of state owners and (both) have not had luck with a Good Property Management company. We have taken over both properties, 1 property the Market rents were so low that she had an increase of $150.00 each month for each unit. Her prior Manager was not current on the market values, so she was more than pleased that we adjusted her rents to our current market. Also filling both units with good paying tenants. We like to not only get new business but also teach and explain to our investors how the market here is working. What cost effictive updates they can do for each unit to get Top Dollar for each unit. We are are also now reaching out to the commercial side of or City. We are looking to add new clients that own apartment buildings with units between 50-300 units each. I was looking at what is listed in our area throught the website Loopnet. My wife & I reading each listing and seeing that most of the real estate agents post their listings so they show, and let's say it!, The magic number of 12%...We know that this 12% is what most use to lure in a buyer.. but as were looking at these listings and with my wife's real estate experience, we notice that yes, according to What they are showing you, you can expect a cap of 12%, But they do not add so many other extra fee's that you as the buyer will surely encounter. Such as:The expenses, they have them prepared but at a smooth running fully rented and up to code investment building. As a manager I know that this rarely happens, and that you are going to find most buildings here are older, and in need of much repair, if not right away, soon. So make sure any purchase offers you may submit are "and just a suggestion" 12% lower than the asking price. There are so many that are priced over market rates it's sad. But there just sitting, and the sellers are open for offers....go in Low to start...I am not saying if you find a 3 family home and its in good condition, meaning, newer roof ( under 5 years ) good working and updated innerds,,heating,plumbing, eletrical. and it's listed at 80k and you go in at an asking price of $70.4, no this property in the described condition will sell much closer to the asking price. I mean for the big commercial properties. The one's that are listed over the $300k mark. It truely is a buyers market...the savey investors are already here and scooping up a ton of real estate. I know you want to make your riches in real estate also, so I am just offering some advice I think may help you. Again though, I am not a real estate agent, or a real estate mogule...I just call it as I see it. I am the last one to toot my own horn. I would much rather grow my business by being upfront, honest and reliable. I am here for the long run...I am not looking for a real estate commission check, or listing or sale. My job is to Run your properties with the best ability I have so you, the owner makes a very good living off of your investments. If I were to let you down, there goes my way of providing for my family. So I am fully committed to providing honest words of advice and a good working ethic. You will see I dont have a fancy expensive website, or a huge office with high over head costs that you will pay for. I am simple and down to earth, yet smart and wise enough to tell you if you may be headed down the wrong path with what you may be looking to purchase here in Rochester. I have a few people here on Bigger Pockets that will tell you that ...that we went over and above to show me I could be buying a property that may get me in over my head...Right Friends..Tell every one for me !,,, Your words will speak better than mine. Thank's for taking the time to read,,,Carl...My Favorite quote {{{ You see it as a Cash Cow-I see it as a Money Pit }}} Run Away!!!!!!!!!
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