Microdiscs50, Home Owner in Miami, FL

increase value of rental triplex

Asked by Microdiscs50, Miami, FL Sun Sep 1, 2013

This question was asked from http://www.trulia.com/homes/Florida/Miami/sold/1000928109-53…

Help the community by answering this question:

Answers

4
How to increase the rental value?
To increase the value of a rental property you must make sure that the property is in the best shape it could possibly be. You also need to be informed of the fair rental market value, often Landlords renew the leases or lease the property below market, that is why a Landlord should always use the services of a Real Estate Professional.

Have the rental value of the triplex increased?
Certainly, rental values have increased in all sections of Miami Dade County.
0 votes Thank Flag Link Sun Sep 1, 2013
To increase the value of a rental property, the answer is to increase the net income. That can involve either: (1) increasing income, or (2) reducing expenses. Ideally, both.

Income often is primarily rental income, but not always. Look for other areas to generate income. Washers or dryers (paid), for instance. Or if there's a separate garage on the property, rent that out.

Reducing expenses is self-explanatory, but... You don't want to reduce your expenses and have your income reduced, too. For instance, it might make sense to spend a bit more, upgrade the property a bit, and collect more money from rent. You want to reduce expenses by becoming more efficient or spending your money more wisely.

On one rental property I have, we recently spent a lot of money upgrading it--granite countertops, stainless steel appliances, etc. But we were able to increase the monthly rent by $800. That investment will pay for itself in about 5 years--which works out to a 20% ROI.

So: Increase your net income.

Hope that helps.
0 votes Thank Flag Link Sun Sep 1, 2013
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
To increase value of triplex? Is this your question? Make sure you have all units fully rented, your financials strong showing positive NOI and high cap rate. Keeping building in tip top shape a plus and make sure your up to date on 40yr certification if older building.

Jenny Arias May
Metro1 Properties
Jmay@Metro1Properties.com
0 votes Thank Flag Link Sun Sep 1, 2013
Hello,

I don't understand your question.

Regards,


Pablo Torres, MBA
AF Realty, LLC
786-205-6988
pabtorres@aol.com
http://www.miamibuyproperties.com
0 votes Thank Flag Link Sun Sep 1, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer