With our experienced team, we manage your property so that you can rest easy and live your life to the fullest without the hassle that comes with being a landlord.
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We took over management of a 6 unit building in Palatine, Illinois. 3 of the units were paying rent at below market value and the other 3 were occupied by tenants that were no longer paying rent, and because of the special protections put in place because of Covid-19 they could not be evicted. The building was in desperate need of repair, but our client had no cashflow, unpaid taxes, and mounting frustrations. When I first talked to them their goal was to get rid of the property at any cost as quickly as possible. Instead, I convinced the owner to give us 6 months to apply our proven methods toward resuscitating distressed rental properties and to turn this property into an income generating success.
In just 6 months we were able to completely turn this property around and bring our landlord into the black. We negotiated all new leases, and found creditworthy tenants, who were paying market value. Past rents were paid using special grant assistance coordinated by our team.
Every unit was renovated using our Property Refreshment Program available to our clients - the common areas were modernized and the property value in total was increased more than $100,000 and monthly cash flow went from less than 2,500 to $6,635 per month. By the time we were finished, this property was bringing in more income than any other surrounding property within the association.
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