"Production Solves All Problems."
This is a concept that my wise old uncle drilled into my head over and over again when I worked with him during college. I didn't fully grasp the concept at the time--it wasn't until I had a business of my own that I finally "got it".
My units look the way they do mainly because I am an bizarrely productive person who also happens to think long term. I look at every repair as an opportunity to upgrade the property (or the unit) in order to add more value for the tenant--which ultimately adds more value to my bottom line. Why?
Because better units = happier tenants = more applicants = lower turnover = more rent = higher profits. I am not an altruist--I am an objectivist in the purest Ayn Randian sense of the word. And I am more than happy to do upgrades that are both good for me AND good for the tenant--because in the end, we both win.
In the Houston market for example, if you pull out the crappy old window units and put in central air, you will increase the average rent for your units by at least $100/month. The new central air will cost you about $3500. So, in 35 months you're at break even. After that, as the landlord, you're making an extra $100/month on that unit. Further, the average electric bill for that same unit will be 50% less with central air than a window unit--which is better for your tenants--and better for the environment. So WHY are there so many vintage apartments inside the loop that STILL have window units??? (I wish I had an answer for that question... but I don't.)
It's such a win/win scenario that I'm really kind of surprised that more landlords don't "get it". More cash flow coming in at the beginning of every month ("production") = more cash flow left over at the end of the month for problem solving and upgrades. Since 2001 I have spent over $1.25 MILLION dollars on upgrades & restoration projects at my various properties--without borrowing a single penny. I did it all from cash flow. And there was still plenty left over.
The units that appear below are the units that will be coming available over the next 30 to 60 days.
I keep my game pretty tight so normally I do not have any units just sitting empty (unless we happen to be working on that unit). People move out, people move in--so you always have a few days of vacancy here and there in between tenants. Typically we have most units re-leased before the current tenant vacates, with just a day or two of vacancy to make sure that the unit is in tip top condition for the new tenant.
The availability date for each unit is indicated below--along with a contact email for that property. Sometimes the current tenants can move out sooner than the availability date indicated... sometimes not. So if you need to move sooner than the date indicated by the available unit, just let us know the move-in date you need when you email us and we'll check with the out-going tenant to see if they have any wiggle room.
If your ideal or projected move-in date is beyond the availability date below, I'm obviously not going to "hold" this apartment for you without rent. Something else may come up that is available closer to your move-in date, however. So feel free to contact me or Like / Follow us on Facebook to get instant updates anytime we get a 30-day notice on a unit.
Click the "View Unit Details" link by any property that you are interested in and then send an email to the address indicated if you would like specifics about showing dates and times for that particular unit.
(You may also want to check out the Home page for a little background on Medusa Properties and how we roll.)
IF THERE IS NOTHING BELOW THIS SENTENCE THEN WE ARE 100% FULL AT THIS TIME. PLEASE CHECK BACK LATER. :)
View Unit Details
|Mid-Century Lofts & Flats (Upper Kirby - Houston - TX)
I rescued this little gem from the chopping block in August of 2006. The tenants had all been evicted... the gas meters had pulled out of the ground & the main lines terminated... and the water to the property had been shut off at the main by the city: the wrecking ball was on its way. :(
But I felt like she had a lot of life left in her. So I got out the pencil & pad and started sketching. Then I got out the sledgehammer and starting demo-ing. And then I got out my checkbook and started writing checks... very big checks... :)
14 months later the first new tenants started moving in... and I've barely had a single day of vacancy since.
Before I bought the property the building had been owned by the same family since it was built in the late 1940s. The entire street used to have many similar properties on it; all but this one had been torn down over the years. (Well, actually Twin Peaks down the street is actually two fourplexes like this one--combined into one big building--then wrapped in a commercial facade. So, technically, it is an original structure.)
The 67 yr old woman who sold me the property had lived there with her family when she was a child. Fortunately for me she had no interest in restoring the building. Getting on in years, she had been living off the rents & letting the property run down for the past few decades... the classic "slumlord" scenario.
This property is just off Kirby, between 59 & Richmond--making it one of the shortest commutes you will find to just about anywhere in the city. 10-15 minutes from every university and college in town; 5 minutes from the Medical Center; walking distance to River Oaks, Greenway Plaza, movie theaters, shopping, and many great restaurants. (Japon & Miyako are both across the street... mmm... sushi!) (Haven, a new, mulit-million $$$, "green" / "farm to table" restaurant went in next door a couple of years ago.
The property has six units total: four larger one bedrooms in the main building (two lofts and two flats) and two smaller one bedroom apartments over the garages.
The look is 50/50 vintage/modern--but definitely not "traditional", "contemporary", or cookie cutter in any way. I guarantee that you will not find ANY units at ANY property, in ANY price range that have the kinds of fixtures and finishes that I have in these units. I did not have a budget when I restored these units. I just did what I thought would look killer--and what would last a lifetime. Steel. Wood. Glass. Brick. Stone. The basic elements.
The two lower units in the main building (#1 & #2) have stained concrete floors & large private patios in the front. The two upper units are all hardwoods with private decks off the back. Kitchens & baths are completely custom & high-end with all stainless steel appliances from Bosch (dishwashers), Siemens (dual fuel ranges), GE (microwaves fridges & washers & dryers) + natural stone counters, and built-in laundry. Very modern but with a shout out to the building's 1940s heritage.
- M&M Lighting - fixtures & fans
- Thorntree - natural stone (counters)
- Detering Company - trim, moulding, doors, & windows
- Custom Precision Stainless - custom stainless sinks & shelves
- Montalbano Lumber - building materials
- DalTile - subway tile, etc.
- West End Roofing
- Ferguson Plumbing Supply
- Emmanuel del Angel (framing, sheetrock, tile, paint)
- Custom Cabinets & Trim Carpentry (www.custom-cabinets-houston.com)
- EnergyGuard - expanding foam insulation
For more details about these units send an email to:
View Unit Details
Houston, TX 77098
View Unit Details
|Classic 1940s Duplex in 9th & 9th area (Salt Lake City, UT)
Clean simple 1940s duplex in the super popular 9th & 9th area.
Super location. Close to shops and cafes and restaurants, a Smith's grocery store, Great Harvest, yoga, bike shop, the Tower Theater, etc.
Currently we just rent the downstairs apartment for short terms, furnished. So, if you're looking at an extended stay in SLC (2 months or more) and don't want to stay in a hotel, this might be a great option for you.
Send inquiries along with details about your situation to firstname.lastname@example.org
View Unit Details
Salt Lake City, UT 84105