Dec 10, 2019
Mr. Chopra explains the importance of NOI and how to increase the
net operating income. He also explains how NOI is different from
net operating cash. The total rental income should be as close to
the market rent as possible. Occupancy is key, and if you are
buying 97% means you need to bring up the rent to match the current
market rent. There are several value plays where the current owner
was not operating the property the right way. By increasing
amenities like dog wash, valet trash, upgrades to units, media
centers, and workout rooms are all things that you can use as an
opportunity to bring the property to the current market rent. Also,
reducing concessions and reducing the loss of lease is going to
increase your NOI. You need to consider other expenses like taxes,
insurance, marketing cost, property management, and payroll. To
increase the rent, you need to justify the increase by increasing
the amenities. Vinney goes into such detail on how to increase your
NOI and all the considerations that you need to take into account
when taking over the property.
- Amazon lockers
- How to make income and increase the rent?
- Make sure that each unit is uniquely placed and charge for the
difference.
- Putting in nests
- USB, cameras and making it more of a SMART property.
- Security equals peace of mind.
- Special events for the residents.
- The accounting department must be on point
- Don’t get ripped off.
- Make sure the takeover is seamless or you will lose your
tenants
- It’s all about negotiations when dealing with contractors.
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Syndication Made Easy with Vinney (Smile) Chopra
https://businessinnovatorsradio.com/syndication-made-easy-with-vinney-smile-chopra/