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Ep. 85 - Renovation Recap - Venture on 19th Ave: Apartment Ownership 101
In this episode of the "Kiss My Assets" podcast, Jamison Manwaring and John, co-founders of Neighborhood Ventures, discuss their latest project called Venture on 19th. They talk about the property, which is a 41-unit building located on 19th Street, and its renovation process. The property was already generating cash flow when it purchased it, but it had ideas to increase its cash flow further. They discuss various initiatives they undertook, including renovating the roofs, coating the parking lots, and implementing measures to deter pigeons from damaging the building.
John explains the problems caused by pigeons, such as their acidic excrement damaging structures and their ability to carry pests like bed bugs. They share different methods they used to keep pigeons away, including spikes, chicken wire, and bird wire. They also discuss other upgrades made to the property, such as adding private patios for residents, improving lighting with LEDs, and enhancing security by installing gates to prevent unauthorized entry.
Additionally, they highlight the importance of having an onsite manager who lives in the property and handles leasing and overseeing the premises. They mention the presence of criminal activity, and having an on-site manager has helped resolve the issue. The onsite manager has made a significant positive impact on the property and has improved the residents' overall satisfaction.
Furthermore, they mention their plan to add washers and dryers to 26 units that were previously set up for them. Although the property's rent has surpassed their initial goals without these upgrades, they still believe adding washers and dryers will provide additional value and benefit to the residents.
Overall, Venture on 19th has undergone various renovations and upgrades, including roof repairs, parking lot coating, pigeon deterrent measures, security enhancements, and the addition of amenities like private patios and washers and dryers. These improvements have contributed to the property's improved cash flow and resident satisfaction.