I'm back!

We are closing on a single family STR property 5 minutes from Madeira Beach this Tuesday! It has a great 2 year VRBO rental activity and (16) 5 star reviews. We plan to continue the momentum and visit in the Winter months.

Check out this place in St. Petersburg I found on Vrbo: https://t.vrbo.io/DEQpPzYvFKb

While I’m here, I have a routine….. I love touring our portfolio of Multifamily properties, run on Madeira Beach and the Pinellas Trail, and meeting our friends in the area.

We purchased The Raven at the Palms on May 7th of this year. My partner Alex Corpolongo provided the following update!

I hope all is well and your summer is off to a great start. It's hot down here and progress at Raven at The Palms is hot as well. We're closing in on a month and a half of ownership, so I wanted to update you on some of the progress we've made already.

1. Renovations:

As planned, we got off to a great start on the exterior work at the property. In addition, the month-to-month leases we inherited allowed us to issue renewal offers right away, and get started on interior renovations already, as well. Work so far includes:

· new exterior paint on the doors, window frames and sills, soffits, railings, and accent walls

· new exterior lighting

· new landscaping, in progress

· interior renovations in 4 separate units, which will all be completed in the next few weeks. One of these apartments will get a quick renovation and be brought to market first; and the other three will receive more substantial upgrades including new cabinets, appliances, flooring, and in-unit washer/dryers.

2. Leasing:

We've had a lot of success increasing rents already. Thus far, we've signed renewals for 8 units, increasing those rents over $300/month on average. We expect to renew a few more residents at these rates over the next few weeks.

3. Timing:

We are positioned to complete our apartment renovations in time to take advantage of the prime leasing months of this year. We've also strategically set the newly signed renewals to expire in the couple months before, or at the start of, this same season next year.

All systems are firing, and we'll continue to build on the early momentum we've created. I look forward to keeping you updated along the way. For now, check out these photos of the new accent painting and limestone we've laid down to crisp up the property exterior; and also 'before' and 'during' photos of two of the apartments we're currently renovating.

Let me know if you have any questions; and thank you for your trust and support.

Alex

It’s been a pleasure being part of Alex’s projects. He is an impressive individual!

Regards,

Bill

REAL ESTATE LINGO:

STR – Short term rental

VRBO – Vacation rental by owner marketing platform

Renewals – Lease extension