Results for ‘Income Property Benchmarks’ category

Are rents sustainable?

One of my agents was in my office yesterday wondering whether current rents are sustainable. She happens to be looking for a new apartment and can’t believe 1/1s are going for $1350 in City Terrace. In my opinion, rents are very sustainable and, if anything, likely to increase. Why? During the Great Recession, tons and

807 N Madison is leased up

We just finished leasing up the front structure at 807 N Madison, our most recently completed renovation project. Leasing the 10 units took us something like 31 days. We began construction in mid September of 2014, so the entire process took approx. 300 days (a little longer than we would like, due to some unanticipated

You can’t juke the operating expenses

There’s another broker with whom I’m acquainted who always seems to have amazing deals to show her clients. Every week or so, I see her pitching deals with 8-10% cash on cash returns. Eventually, I started to get curious. After all, this is a tough market. I have every advantage in the world, and it’s not easy for

A pretty amazing success story

Yesterday, I got a call from one of the first people for whom I ever brokered a deal. He is in the process of refinancing the mortgage on the small apartment building I helped him buy. He was calling to see if I had any tips for his upcoming appraisal. As I always do before an appraisal, I

If I were a broker…

…who didn’t also renovate tons of apartment buildings, I would: Run rent surveys across all relevant neighborhoods, all the time Constantly poll my clients about construction costs for different finish levels and unit sizes Constantly poll my clients about eviction / tenant relocation costs Why would I do all these things? Because, without the above

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