The period that follows the closing of the deal is vital in the outcomes of your investment. Here on this edition of Asset Management Fridays to talk of their practices in the 30 to 90 days following a purchase is Mark Hentemann! Mark is a television writer, having worked on high-profile shows such as Family Guy and with David Letterman! Mark explains his particular type of investing and how he got into the business after moving to Hollywood to be a writer. He is a specialist in restoring older buildings with vintage value and appeal. Much of this tendency comes from Mark's creative side, as he loves to visualize what something dilapidated and out of favor could be! Mark speaks about his strategy for the first few months, which entails a lot of observing, waiting, and evaluating. From there, he gives attention to the exterior and what he calls curb appeal, moving to the entranceways and then into the actual apartments. He believes in providing convenience and value for tenants with particular attention given to kitchens, floors, bathrooms, and electrical fixtures. Mark also talks about opening spaces up, aiming for more natural light and how much he enjoys this restoration process, so make sure to join us today to hear it all!
Key Points From This Episode:
- Mark's career as a TV writer and why he decided to invest in real estate.
- The first 30 to 90 days after the close for Mark; tenant value creation.
- Adding value after the initial period and Mark's early focus on the exterior.
- Tools for property management; companies and personal management to coordinate with.
- The distinct and different roles for property management and how Mark differentiates these.
- The value that tenants place on kitchens, floors and bathrooms!
- Looking at the trends away from confined spaces to more open-plan living.
- Mark's asset management superpower! Seeing the beauty in something old and dumpy!
“I pumped my first payments once I got any kind of traction into real estate and immediately got hooked and I’ve been doing it ever since and plan to do it until I’m a hundred.” — Mark Hentemann [0:01:36]
“I, out of sheer necessity, gravitated towards the cheapest properties I could find.” — Mark Hentemann [0:02:18]
“I don’t want to start spending or jumping to a major project until I get to know the property a little bit and see where the flaws are or where the issues are.” — Mark Hentemann [0:03:23]
Links Mentioned in Today’s Episode: