How To Add Value To Your Multi-Family Investment Properties.


One of the main reasons I like to buy larger multi-family commercial real estate is because the building is valued based on its income…


And it is often easier to finance these deals because banks look at the property to qualify the mortgage rather than just your personal income.


Simply put the more money your property generates the more valuable it becomes…

It is not valued based on comparable sold properties in your area like smaller residential deals are!


So with that being said let's explore some ways that you can add value to your multi-family investment properties…


Number one: Adding laundry facilities.

By adding a common area laundry room to your property you can earn additional income every time your tenants wash and dry their clothing. If you had a 10, 20, or 30 unit building and each tenant was doing their laundry once or twice per week you could see how this would quickly add up…


Additionally by having on-site laundry it will allow you to keep your tenants longer because they are not inconvenienced by having to lug all of their clothes down the street to the local laundromat…


And tenant turnover is one of your highest expenses as a real estate investor.


Number two: Adding separate hydrometers.

When tenants do not have to pay their own hydro bill they tend to leave their lights and TV on more frequently because it does not affect their monthly expense. By adding separate meters to each rental unit you can now make the tenants pay for their own hydro usage and reduce your expenses significantly.


This one change can increase your cash flow and property value tremendously.


Number three: Parking & garage space.

Your tenants can and will pay more for their own reserved parking spots and/or garage. Another cheaper alternative would be a carport.


The more amenities you can offer your tenant the better it will be for your cash flow.


Number four: Vending machines.

By adding a vending machine to your common area entrance and/or laundry room you can set yourself apart from other buildings in your area and once again bring in more income simply by providing more services to your tenants.


Having happy, long-term tenants is key to being a successful real estate investor.



Number 5: led lighting.

If you are investing for the long-term then led lighting is a great option for you to consider as it uses a lot less energy and helps you save on your utilities.


Additionally the bulbs will last a lot longer, so you do not have to pay your maintenance guys to change them out. You save on energy and labor, now that's a win-win!


Number 6: Pet rent.

Our properties are always pet friendly, but sometimes our furry little friends can cause more wear and tear on the property and the yard. You may want to consider charging an additional fee for your tenants that have pets.


Number 7: Provide storage units

Many properties have unused space in the basement. When possible I would suggest you turn them into storage units that your tenants can rent at an additional cost…


Again this provides more value to the tenant and brings in more cash flow for you as the investor.


Number 8: Cable company kickbacks.

If you own a large multi-family building you may be able to sign an exclusive deal with the local cable provider in your area and receive some cash back when your tenants sign up to use their service.


I'd suggest you look into this with your local cable and internet providers.


Number 9: Renegotiating your expenses.

Many of my one-on-one coaching clients tend to always focus more on making money…


But it is equally as important to work on reducing your expenses....


When you own real estate investing properties you will need many service providers and therefore have a lot of expenses…


For example you will need…


  • Lawn maintenance and snow removal

  • Interior cleaning of common area hallways I'm laundry room

  • General maintenance providers

  • Security

  • Garbage removal

  • And elevator service just to name a few…

I would suggest you call around and get multiple quotes because if you can knock some money off of each of your expenses compounded over the course of a year you could save thousands of dollars and in turn add a ton of value to your property.


Number 10: Smart renovations.

That one we talked about adding value to your multifamily commercial real estate investment properties most people immediately think of renovations but it's worth mentioning here again…


When you renovate the interior of your units you can command a higher rent…


And when you improve your curb appeal and common areas you will attract more tenants to your building…


Many people believe that kitchens and bathrooms are the renovations that add the most value…


But I would argue curb appeal is the number one way to increase value because you could have an amazing kitchen and bathroom in your building but if nobody's willing to go in and take a look because they're turned off by the curb appeal and the common area elements then it doesn't matter how nice the interior is!


So there you have it…


You now have many ways to increase your cash flow and the value of your property. If you would like to learn more about multifamily investing you know how to reach me!


Until next time always remember " The More You C.A.R.E. The Less You Work"

Your real estate-based wealth coach,

Jeff Woods


P.S. When your ready here are a few ways I can help you start, scale, and manage your very own lucrative real estate investing company.


1. Join the C.A.R.E. community and connect with other real estate investors that are taking massive action. It's our new Facebook community where smart real estate investors connect, learn, and grow! Grow your wealth, Freedom, Impact, & portfolio! CLICK HERE to join today.


2. Book Recommendations. These selected books will help you build a solid understanding of real estate investing. See list now.


3.C.A.R.E. tool box. This is a list of free and/or low cost resources that every real estate investor needs to build a lucrative real estate investing company that will fund your desired lifestyle. Access your resources HERE


4. Work with me and my team privately. If you would like me to help you avoid costly mistakes and grow your real state business so that you can have the finances and time to fund your desired life let's chat. CLICK HERE to grab a complimentary strategy session. This way we can chat and get to know each other better. This is not a sales call I do NOT work with everyone. I want to see if we are a good fit and help you. If you decide you want to continue to work with me and you meet my criteria we can explore what that may look like. Because I am actively running my real estate businesses and value my free time I only work privately with a small select few every year. BOOK YOUR SESSION HERE.


Are you willing to fight for your financial freedom?


Contact
  • Black Instagram Icon
  • Black Facebook Icon
  • Black Twitter Icon

112 Queenston St, St Catharines, ON

​​

Tel: 905-688-1586

Fax: 905-688-1586

help@jefferywoods.com

IMPORTANT: Earnings and Legal Disclaimers

We don't believe in get-rich-quick programs. We believe in hard work, adding value and serving others. And that's what our programs are designed to help you do. As stated by law, we can not and do not make any guarantees about your own ability to get results or earn any money with our ideas, information, programs or strategies. We don't know you and, besides, your results in life are up to you. Agreed? We're here to help by giving you our greatest strategies to move you forward, faster. However, nothing on this page or any of our websites or emails is a promise or guarantee of future earnings. Any financial numbers referenced here, or on any of our sites or emails, are simply estimates or projections or past results, and should not be considered exact, actual or as a promise of potential earnings - all numbers are illustrative only. If you have questions, send it via the contact form above. Thanks for stopping by. Until next time, remember: the more you C.A.R.E. the more you earn and the less you work!

Copyright © 2020 - Jeffery Woods Coaching - Correct Action Real Estate Inc Privacy Terms - Disclaimer

Name *

Email *

Subject

Message