Hello, this is Shuo.
So as we’ve learned, the higher the NOI, the higher the property value. So what are some of the additional sources of income of a multifamily property that can help further drive the value?
For example: application fees, laundry, cable, reserved parking, pet income, legal fees, damage fees, and late fees, etc.
So creating the additional income streams we want not only to think about driving the property value, but to also think about what would truly provide value and benefits to our tenants and to increase the living condition of our community.
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Patrick Grimes is a design engineer and CEO and Founder of Invest on Main Street, LLC. His real estate holdings include general partner ownership of a multifamily and single-family real estate portfolio valued over $146M, including 1,950+ units across the southeastern United States and Texas.
He has been active in real estate investment since 2007, including purchasing land and distressed assets, renovating them, and stabilizing them for long-term cash flow. To scale his real estate portfolio, Patrick moved from single-family to multifamily investing and founded Invest on Main Street, a private equity firm specializing in multifamily value-add projects in emerging markets.