243: Jim Monk on The Value-Add Improvement with a 37% ROI
At this point, most real estate investors are familiar with value-add improvements. All the standard upgrades like countertops, flooring, and bathrooms. But what about the closets? Well, my guest today has found a niche that is creating an average increase of $45/unit with a 37% ROI with less than 3 hours of labor!
Jim Monk is the President of Clozzits.com. He’s been a serial entrepreneur for 17 years, he’s helped build three multi-million dollar companies and his newest venture has expanded into 18 markets in just two and a half years.
His company has developed a program to increase rents by 3% to 8% while improving the net operating income of your buildings and your asset value. And they’ve worked with huge companies like Katerra, Harbor Group, MMA, and Pinnacle and hundreds of thousands of units.
In this episode, Jim talks about how the idea of renovating closets got started, the incredible organic growth that they’ve had and shares how their simple process can add so much value to your properties. We also dig into his thoughts (and concerns) with cryptocurrencies and whether or not these hot markets in the US are sustainable. This is a jam-packed interview that I know you won’t want to miss.
Key Takeaways with Jim Monk
- How Clozzits help to make your units stand apart from your competitors.
- Jim’s concerns with the big players in the multifamily real estate space and how inflation costs could impact returns in the future.
- How his company can help investors to get a 37% ROI with an average increase of $45/unit.
- The beauty of the simplicity, the quality, the costs and the turnaround time for the completed work.
- Why newer entrepreneurs should seek advice from those who are at least two steps ahead of them. Meaning if you own 100 units, talk to somebody that owns a thousand units.
- Jim’s thoughts on cryptocurrency, both the positive aspects and the negative.
- Predictions on whether or not the hot markets continue to be hot in the next 3-5 years, especially in the Sunbelt markets.
- Why building processes and procedures are the most important key to success for scaling a business and managing people.
- Jim’s favorite hacks for scaling and growing companies, including listening to podcasts!
- Keep an open mind as you never know when or how things may change.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/243
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