In a rent-controlled world, how do you collect above-market rental rates when there is a Rent Cap in place? The truth is, you can't...unless you vacate a unit legally by completing "substantial improvements." How do you determine if a unit warrants substantial improvement? We will discuss that very question over the course of these videos.
In this Week's Video, I walk you through the beginning stages of my most recent remodel project.
This is the first installment in a 4 part series as I attempt to assist those owners who avoid extreme renovations because they assume the process is too much hassle, they do not have the "know-how," fear that the process is too costly, or incorrectly assume the final payout does not justify the capital investment.
What is my goal? Bottom Line - I want to help landlords obtain maximum cash-flow (especially in a rent-controlled market). In my opinion, owning multi-family investments should be extremely financially rewarding, while at the same time not be overly consuming of your time. Second, by completing these types of improvements, when it is time to sell, a buyer will happily overpay for your property because your rental rates & the condition of the property justifies above-market pricing!!!
