A client of mine went with three larger apartments instead of four smaller ones when she renovated a nice building she purchased last summer.
Now why did she do that?
For a number of reasons:
-to reduce the level of complexity in terms of her property management
-to keep the number of leases she has to contend with lower
-to reduce churn in her tenant base
-to increase her rents for each unit and presumably get better tenants as well
-to reduce her maintenance and repairs, wear and tear
-to do less renovation/construction work for only slightly less income
This is a reminder that it’s not always about maximizing—it’s about optimizing your portfolio.
Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD, Ottawa Senators founder, Real Estate Investment and Business coach, Century 21 Explorer Realty Inc broker, 1-613-762-8884 firstname.lastname@example.org twitter.com/ProfBruce profbruce.tumblr.com/archive brucemfirestone.com
MAKING IMPOSSIBLE POSSIBLE
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