Mr. Chopra explains the importance of NOI and how to increase the net operating income. He also explains how NOI is different from net operating cash. The total rental income should be as close to the market rent as possible. Occupancy is key, and if you are buying 97% means you need to bring up the rent to match the current market rent. There are several value plays where the current owner was not operating the property the right way. By increasing amenities like dog wash, valet trash, upgrades to units, media centers, and workout rooms are all things that you can use as an opportunity to bring the property to the current market rent. Also, reducing concessions and reducing the loss of lease is going to increase your NOI. You need to consider other expenses like taxes, insurance, marketing cost, property management, and payroll. To increase the rent, you need to justify the increase by increasing the amenities. Vinney goes into such detail on how to increase your NOI and all the considerations that you need to take into account when taking over the property.
- Amazon lockers
- How to make income and increase the rent?
- Make sure that each unit is uniquely placed and charge for the difference.
- Putting in nests
- USB, cameras and making it more of a SMART property.
- Security equals peace of mind.
- Special events for the residents.
- The accounting department must be on point
- Don't get ripped off.
- Make sure the takeover is seamless or you will lose your tenants
- It's all about negotiations when dealing with contractors.
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About Vinney (Smile) Chopra:
Vinney is a real estate investor, syndicator, International best-selling author, host of 4 podcasts, multifamily educator, mentor, dedicated husband of over 40 years and father of 2 children-Neil and Monica, residing in Danville, California (near San Francisco) for 40+ years. Vinney came to this country with only $7 in his pocket and a dream. Vinney has now built a portfolio of over 6,500 units amounting to over $650 Million in the multifamily, senior assisted living and hospitality arenas. He is passionate about helping others achieve financial freedom and giving back to our seniors who have given us so much.
Learn more about Vinney: https://vinneychopra.com/
Learn more about investing with Vinney: https://vinneychopra.com/investor/
Apply for Mentorship: https://vinneychopra.com/mentorship/
Vinney's Youtube: https://www.youtube.com/c/VinneyChopra/videos
Vinney's Linkedin: https://www.linkedin.com/in/vinney-smile-chopra/
Vinney's Instagram: https://www.instagram.com/vinneychopra/
Vinney's Free Book: https://vinneychopra.com/freebook/
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