048: Stealth Tenant Marketing Update – Back in California!

SHOW NOTES FOR EPISODE 048  –  STEALTH TENANT MARKETING UPDATE – BACK IN CALIFORNIA!

This is Bill’s final update installment of his Indianapolis “Stealth Tenant Marketing” campaign — returning to Southern California after 30 days in Indianapolis, living in one of his apartment units.  In this episode, he shares the results and highlights of his aggressive tenant marketing effort. Also, Bill includes a special summary song for your enjoyment.

Introduction

Well, at long-last, I’m back in Southern California.  It’s great to be back with my beautiful wife and precious family.  I missed them tons!  I hope I don’t have to do that again.  But boy o boy did I learn a lot.

And before I start, I just want to say.  I just hope that by my sharing these real-life experiences  with you that you are learning new, valuable “first-hand” information that you can use and that will help your efforts to be successful in your real estate investing endeavors.

I don’t always particularly enjoy sharing my personal life with you, especially my failures, but, keep in mind, that’s one of the reasons I started this show.  And that is to not only feature great speakers who are successful and have done well… but also, to share my true life real estate investing experiences, of how I am trying to make it, with no filters, raw – the good, the bad AND the ugly.  So that you will benefit from the things that I do that work and, hopefully, avoid the things I did not do so well.

So hear it is, the real stuff…

Well, because this may be your first time listening, I always like to do a quick recap of my “Stealth Tenant Marketing Update” so you can listen “in context.”  But this time, I’m going to do something a little different.  I’m going to summarize with a song (this may sound familiar to the real Old Dawg’s out there…)

THE BALLAD OF INDY BILLY

(borrowed from the Beverly Hillbillies TV Show theme song)

Come and listen to my story about a man named Bill

Who bought an Indy ‘partment but couldn’t keep it filled

Then one day, he knew what he did need

So he loaded up his bags and went to Indy – ianaplois,  that is

Corn fields, Hoosiers

Well the next thing you know, Bill’s livin’in “the hood”

Doin’ all the things that good landlord should

He said, “Californie is the place I’d rather be!”

But he couldn’t leave that place until he reach ninety – percent that is

Occupancy.  Cash flowin.’ All the way home!

Alright, enough of that silliness.  You’re probably thinking, “His poor wife.  I’ll bet she was hoping he would have taken a little longer time in Indianapolis…”  haha

So, to quickly summarize…

• Bought a 22-unit apartment
• Have an aggressive value-add, repositioning plan that wasn’t being met
• So I decided to go to Indy, moved into one of my empty apartments and was committed to both speed up rehab and rent it up before I could go back home.

So, here I am, back in So Cal!  So, there must be good news.  Right???

Here’s a quick summary of all that happened…

• We were able to boost occupancy from 68% to 95% (5% over our goal)
• We had seven vacant units, six of which a now rented or in-process of being rented
• We were able to create a solid “tenant lead funnel” —  a pipeline of sorts – comprised of businesses, organizations and a network of good tenant referrals in the area—specifically designed to channel a steady stream of new potential high-quality tenants for future turn-overs
• We have rehabbed and helped improve the beautiful historical look of this 1925 property, inside and out, and are continuing the upgrade process
• We’ve now connected with our neighbors, other apartment owners and residents of the community – building an alliance to stay connected AND committed to bringing in good tenants and upgrading the neighborhood to a safer, more desirable area for Indianapolis
• We didn’t just fill the units with bodies, we found strong, solid tenants, who are working people, with good jobs, and a commitment to live in an apartment community that feels like home! A nice, welcoming, safe and well-maintained place they look forward to coming back to each evening
• And something of a personal note, we started a weekly Bible study for anyone in the area who wants to come – they don’t have to be Christian. A place where it is safe to share personal trials and challenges, to receive prayer and support one another

The month long effort was an incredible experience that, as difficult as it was being away from my wife and kids for a month,  I learned a lot – things that no seminar, boot camp or book could have ever taught me.

A few interesting memories

• Police prostitution sting operation
• My make-shift podcast recording studio in the closet
• My pest battle – bed bugs and cockroaches
• Relationship counselor

Now those may sound like negatives but they really weren’t.  They were areas I had to focus on (and probably wouldn’t have if I didn’t go there first) because this is a community and a property “in-transition,” in the path of progress.  That is changing from a low-income housing area to something more

Positive Benefits

• The local cops are now our buddies and will remain a presence as they continue to “clean-up” up the neighborhood as we clean-up our properties and the people who live in those properties
• Learned a lot about my property management firm, intimately working with them, day-in-and-day-out, their style, methods and approach, so that we can now work better together through systems, procedures and guidelines to improve our long-term relationship
• Found an excellent/outstanding local pest control firm that approached the apartment’s pest problems with a vengeance and commitment to irradiate unwelcome pests now and for the future
• I believe I now better understand the needs, aspirations and hearts of my tenants, which will help me to set-up the systems and structure to help make this apartment community a great place to live

If you want to listen to the previous episodes on Bill’s Indy Stealth Tenant Marketing trip, go to:

• Episode #38 – Stealth Tenant Marketing
• Episode #044 – “View from the Trenches” – Indy Stealth Tenant Marketing Update

I will continue to keep you updated — as I promised – the good, the bad and the ugly – on my trek to achieve 1,000 units by 2020.  I always welcome your feedback, questions and recommendations and thank you for listening to our show.

So, until next time, remember CASH FLOW IS KING AND REAL ESTATE INVESTING THE MEANS.  Thanks again for listening and God bless!

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