#truedialogue

Stop over-improving your properties. I see new investors do this all the time. The goal is to have a nicer unit than your neighbors at a similar price point. Right now this is gonna rent for $950. My neighbors across the way rent it right at $1,000 a month. So we're $50 less, we have nicer flooring here, we have actual tile, they have this cheap LVP, and we just replaced the windows, they have old windows. Other than that, our units are the same size and they look very similar. So when you're looking through these units, are they the most beautiful thing you've ever seen? No, we're going for affordability. We're gonna maximize profit and everyone who rents here has a nicer space for a little less money money than get it anywhere else. Guess what happens? Everyone rents here. We have no vacancy. Except for, of course, this unit which just got renovated. This will fill up in days. If you spend too much money on your units, what ends up happening is people don't appreciate it. It's too nice for what it is. And again, the goal is to be just a little bit nicer and maybe just a little bit cheaper than your competition. If you can still make a lot of profit there, you have a great business. You don't deal with vacancy.