Rebuilding Memorial Ave

Memorial Avenue is a rougher area of town, which makes the properties are very reasonable. But it gets a bad rap. If you tell someone you have properties on Memorial, they often think the worst- must be slum lords, must be section 8, I would never invest there, and the list goes on. You have this in all cities despite how big or small. But in reality, it’s all in what you make of it. Yes, there are some areas that we wouldn’t and shouldn’t invest in- the opportunity just isn’t there yet. On the same note, if no one takes ownership of an area- how is it going to improve? And this is our mindset with Memorial.

We purchased six units (two duplexes next to each other, a four car garage with another unit above and a small commercial building) in addition to the two we already had on Memorial this past November. The new properties were uninhabitable as is. Someone had come in and completely raided each place cutting out all copper piping and all visible electric wires, taking the central a/c unit and water meters and not to mention the furnaces were completely shot. That was just the big and expensive stuff.  The properties themselves were complete reno projects. A little over a year’s time and we completed four kitchens, five bathrooms, completely repainted the interiors of each unit, sanded and refinished all the hardwood floors and rebuilt a front porch. Each apartment is now rented and we are fortunate to have great tenants.

This was Vince and I’s first big project together and we are really proud of what we accomplished in a year. Could we have done it quicker? Sure. Could we have done it cheaper? Most definitely. Our mindset for rental properties isn’t about making a quick dollar. We take pride in what we do. I personally wouldn’t want to live in a half assed apartment and pay a good dollar for it, so why would I ask someone else to do that? Quite honestly, our experience has been that if you care about your property and the appearance- so will your tenant. Too often landlords blame poor tenants for their problems, without taking any accountability for the situation. That road goes both ways.

 One of my favorite quotes is, “The harder you work, the luckier you get.”  When you keep putting the time and effort in, people respect that. When people respect one another, you tend to have better relationships. Our hard work will pay off.  At least that’s what I keep telling myself. I know it won’t happen overnight, but we’re in it for the long haul and can’t wait to see what the future holds.