36 minutes | Jun 8, 2020

Scaling By Adding Value

Adding Value to a Property:2:30: every time you look at a property in your mind should be, “How can I add value to this property, this situation?” And sometimes you're adding value by rectifying a problem.4:40: Different people respond to different things. Perhaps try a direct mail campaign directly from the realtor?6:00: It's a good idea to go out and take a look at what the new builders are doing and see what you can add to your properties that people want.9:10: We pay Sherman Williams $150 to advise us on the colors and trends anytime we flip a house to a retail buyer. Selling to Retail Buyers:13:00: One thing that's really cool about older properties and why they are so desirable for flips is especially in the pacific northwest is that they tend to be on bigger lots while new construction is crammed together.15:40: The longer you hold a property you intend to sell to a retail buyer, the more expensive it is. There’s a lot for a limited payout. Get contractors there quick and limit your holding costs.18:53: For something that’s being wholetailed, Ryan looks for little to no work required, builder grade or something that needs a major systems update like a roof.Maximizing Value Add:20:30: The most obvious form of value add is to see if you can easily go from a 2-bedroom to a 3-bedroom. 21:45: With basements, we don’t usually finish them unless it’s a walkout. Egress windows are incredibly expensive.23:18: Always ask if a garage conversion is permitted. If it’s not, you’ve got to take it out.25:17: The way people live changes, it’s cyclical.ADUs, Title Companies, Narrowing Focus:26:10: Cites are particular with ADU’s and we get around it by renting out the entire property and leaving it up to the renters to decide what they do with the additional unit.30:19: If a title company ever tells you that there’s a glitch, you need to pay very close attention to what that glitch is.32:00: We’re really talking about rentability here, by adding value and making sure you’re meeting the market demand, you’re going to be able to rent to quality tenants.34:45: As Stephen Covey would say, begin with the end in mind.Connect with the Good Stewards:Visit Our Website and SubscribeEmail | Ask@TheGoodStewards.comTwitter | @TheGoodStewardsInstagram | @GoodStewardsPodcastFacebook | @GoodStewardsPodcast
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