Rule #1: Start with Exterior Renovations First

THE TIP:

When taking over a multi-family property, that eye-sore of the neighborhood, that blunder of the community, you want to start with exterior renovations first.

This is your spotlight, your bat signal, your neon sign letting everyone know...

NEW OWNERSHIP AND NEW MANAGEMENT!

Starting with the exterior renovations first is your hook to let the community, and potential new residents know, there is something in the works and that something is newly renovated, lovely and amazing spaces are about to come online.

In fact, your onsite contractors will start to receive walk-up inquiries from potential residents about how to apply (make sure they know where to send them).

The image above is our early 1900s build, 4-plex. Unfortunately, it has been the eye-sore of the community for quite some time. I've owned it for the last 4 years and it was poorly mismanaged by our "professional" property manager. Now is the time for the turn.

This quad is only half full at the moment. The two vacant units need significant work, yet that is phase three, because (a) the outside needs desparte attention and (b) lifting the outside is our bat signal to let our community know great things are happening.

Here's our plan:

• Phase 1: new roof ?
• Phase 2: new railings, replace any wood rot, some windows, and every inch of outside gets paint ( ?? in progress )
• Phase 3: interiors

I mean check out the railing code differences 120 years apart:

Lift the outside, then focus on the inside.

You'll fill units faster with more qualified, higher-paying, residents.

THE TOOL:

The tool we use to market, fill, and self-manage our units is called Hemlane. The way their system blasts our available units out to all the major websites is impressive. We have absolutely no problem finding qualified residents.

THE RESOURCE:

To quickly capture renovation, actually all of our properties' expenses, I use a free, simple app called Expensify. Each property has its own expense report and it is easy to jot down the date, category, and description for ease of review and month-end reconciliation.

QUOTE:

"Railing against the past will not heal us. History has happened. It's over and done with. All we can do is to change its course by encouraging what we love instead of destroying what we don't.

p.s. - I cannot wait to share the BEFORE & AFTERS with y'all on this project.