When I received a call from the owner of this home, he was worried about finding a suitable tenant. Year after year he had to navigate rental collections, home maintenance, and at times, evictions – that just took the joy out of owning a second home. I was pleased to give him the great news of the many new potential home owners the West End (and other intown Southwest communities) have been flooded with. This time- REAL buyers. REAL people, looking to make our communities their home. With that report, ” Let’s sell it- there is no sense in keeping it to myself” was his response.
I greatly appreciate those, as the song goes “know when to hold ’em
Know when to fold ’em, Know when to walk away, And know when to run”
Right now, many communities are still suffering with blighted homes because some investors have not learned this lesson. Do you not realize, you have kept the values down much longer than needed- not only for the community, but for your own portfolios by forgetting about your investment?
The first step in reaping the benefit of getting the most from your investment- identify and work with a local agent with a pulse on the market to help you with your acquisition and exit strategy.
The second step- do not let your properties deteriorate – this will hurt you and the community. Be a good neighbor,when you’re not- expect to have ALL EYES ON YOUR EVERY MOVE AND CODE ENFORCEMENT AT YOUR DOOR.
Third, do good* great* quality* work! Do not hire unlicensed, inexperienced people to save money. Consider: would you have them work on your own home? Your mother’s home? It is not good enough to partially renovate a home and get ANY dollar. Why not develop a reputation that will cause buyers to seek out your next project? Why not get top dollar and CREATE a new price range because all other projects can’t compare?
Fourth, be Authentic -not a follower. Every floor plan should not look the same- and every home was not built to have an ‘open floor plan’. At times, you are making our homes structurally unsound. Lastly, find another store- HOME DEPOT has enough business and my neighbors would like their home to be unique. PUT SOME THOUGHT INTO IT, but not too exotic.
Bungalows have a story of their own and those buying are looking to add their own chapters… we need you, as the restorer to prepare the pages.