Sometimes investors, in their quest for the "best price," lose sight of their long-term goal. For most investors, a very low vacancy rate, a strong pool of potential tenants, and the ability to raise rents more than average every year are all important priorities as they strive to improve the performance of their investment.
Here are some reasons tenants have given for choosing to rent my clients' rental units:
A) I can watch my middle-school student make it to school from my back window!
B) There is parking in back for both cars, so we don't have to park on the street!
C) I know this landlord will address any problems within one to three days!
D) I don't drive; this 3-family is on the bus line!
E) There is space in the backyard for my daughter to play!
F) This is a quiet neighborhood; I need to sleep during the day!
G) The washer/dryer are in my unit; I don't have time or energy for going out to do the laundry!
H) The new windows will keep my heating costs lower!
I) We can walk to the corner store and the park from here!
J) There are three bedrooms, so everyone has enough space!
K) This is a safe neighborhood!
You get the picture. Location, location, location because you can't change it! You can improve condition and management of any building to add value, but you get the best return if you put your efforts into a good location!
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