In year two of this ugly duckling property management, both units go vacant. Now, I thought, is the time to upgrade, which included the following: new kitchens and bathrooms ($25,000), new electrical ($4,000), new paint/carpet/vinyl ($10,000), new appliances ($3,000), new roofs ($5,000), new yards/sprinkler systems ($10,000) and miscellaneous ($3,000) for a grand total of $60,000. After my client recovered from shock, we discussed what he really could afford to do. He had $10,000 allocated to upgrade the duplex and not a dime more.
Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550 which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.
Peter Meer provides information, resources, advice, tips, and techniques on residential property management in Denver. Peter Meer is President/Broker of Meer & Company, Inc. (303) 322-1550 and manages 150 single family units in metro Denver. Visit Meer & Company, Inc. at www.meerandco.com.
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