Major Repairs & Renovations Led by Us
Project: 11-Unit Apartment Building Renovation (December 2023)
Challenge:
A long time client approached us with an 11-unit apartment building where 4 of the units were in extremely poor condition. These units had major plumbing, electrical, and even slight structural issues. The scope of work required stripping the units to their studs and completely rebuilding them before they could be habitable. This would not only be a significant renovation project but also a disruption to the other tenants in the building.
Our Approach:
Comprehensive Assessment: We assessed the severity of the issues in the 4 units and developed a strategy to tackle the renovation without causing disruption to the rest of the building or tenants.
Leveraging Our Network: With our extensive network of contractors and handymen, we sourced trusted professionals to efficiently strip, rebuild, and modernize the units, addressing all the plumbing, electrical, and structural issues in the process.
Minimizing Tenant Disruption: We carefully coordinated the work schedule to minimize interruption to the tenants in the other units. By strategically working on the vacant units and keeping noise and disruption to a minimum, we ensured that the ongoing tenants were not significantly impacted.
Maximizing Value: Once the units were rebuilt and modernized, we carefully priced them for lease to ensure they would generate higher rental income compared to their previous state.
Results:
Significant Savings: We saved the property owners over $350,000 by completing the renovations at a fraction of the cost of other quotes they had received.
Swift Completion: The 4 units were completely renovated and ready for occupancy within a reasonable timeframe, without major disruptions to the remaining tenants.
Increased Rental Income: The renovated units were leased out for higher amounts, significantly increasing the property’s rental income and overall rent-roll.
Improved Tenant Satisfaction: The new units attracted high-quality tenants, contributing to overall tenant satisfaction and a more desirable living environment.
Project: Commercial Space Conversion to Residential Units (October 2024)
Challenge:
The owner of a commercial property faced an underperforming second-story space that had previously been used as a hair salon. With the salon no longer viable, the space was generating no income for the owner. The challenge was to find a way to repurpose this vacant commercial space into something that would generate steady revenue and increase the property's overall value.
Our Approach:
Evaluation & Strategy: We began by assessing the space’s potential for conversion into residential units. Recognizing the opportunity, we outlined a plan to transform the space into two separate residential units that could attract tenants and bring in consistent rental income.
Leveraging Our Network: As with previous projects, our established and reliable network of contractors enabled us to secure a competitive quote for the conversion work. Thanks to our relationships, we were able to negotiate costs significantly lower than the average quotes the owner had received.
Efficient Conversion: Our team oversaw the entire process, ensuring that the conversion was done efficiently and up to code. The space was reconfigured, with necessary renovations to meet residential living standards, including plumbing, electrical updates, and the creation of two functional, appealing units.
Results:
Cost Savings: By leveraging our network, we saved the owner over $150,000 compared to the average contractor quotes, completing the job for 70% less than what was initially estimated.
New Revenue Stream: The conversion added two residential units to the property, generating a new and consistent income stream that didn't exist before.
Increased Property Value: The conversion not only provided immediate cash flow but also significantly improved the property’s overall value, making it a more desirable asset in the market.
Long-Term ROI: The property owner now benefits from higher rental income and a boost to their investment, all at a fraction of the cost initially proposed by other contractors.
Project: 12-Unit Apartment Building Roof Replacement (January 2025)
Challenge:
A newer client of ours approached us early in the takeover stages of their a 12-unit apartment building with concerns about the roof, which was over 50 years old. The ownership was unsure of when or how to approach the replacement, and the quotes they received from their previous property managers for the job were simply too high and obviously skewed to even make the management a profit. They were facing sky-high estimates for the roof replacement nevertheless, and were unsure how to move forward.
Our Approach:
Thorough Evaluation: We began by assessing the condition of the roof and consulting with experts in our network. Through our established relationships with trusted professionals, we identified that the roof needed replacement but could be completed without the high price tags from previous quotes.
Leveraging Our Network: Our extensive network enabled us to reach out to a licensed roofing company we had previously worked with. We negotiated directly with them to secure a competitive and fair price for the replacement.
Cost-Effective Solution: By tapping into our network and avoiding inflated middleman costs, we managed to secure the job for 60% less than the average quotes both the owners and we had initially received.
Quality Assurance: Throughout the process, we ensured that the job was completed to the highest standard, with no corners cut, ensuring both quality and timely delivery.
Results:
Cost Savings: We saved the property owners over $65,000 by securing the roof replacement for just $36,000, a significant reduction from the original estimates.
Timely Completion: The job was completed on schedule, minimizing disruption to tenants and maintaining a smooth operation of the property.
High-Quality Work: Despite the cost savings, there was no compromise on the quality of the work, ensuring that the roof was replaced with durable materials and expertly installed, and a meticulous and thorough cleanup.
Enhanced Property Value: With a new, high-quality roof, the property is now better protected, improving its long-term value and appeal.