503-588-0940
Maintenance Line 971-208-3778
LinkedIn Logo Youtube Logo Twitter Logo Facebook Logo Google Logo

Property Management

Why is my rental still vacant?

Mendell Gosnell - Wednesday, January 17, 2018

Why is it taking so long to rent my house?  Read More

About Mold

Mendell Gosnell - Monday, January 08, 2018

About Mold   Read More

Should Tenants Do Repairs

Mendell Gosnell - Friday, December 22, 2017

Should Tenants Do Repairs  Read More

How Long Will it Take to Rent My Salem House or Apartment?

Mendell Gosnell - Friday, December 15, 2017

Should You Sell Or Rent Your Salem House? Property Management Tips

Mendell Gosnell - Tuesday, November 14, 2017

 

A common question among investors is: should I sell or rent my house? Whether you have a single family home, townhouse, condo, or apartment complex, one of the questions you might be asking is whether you should hold your property and rent it out, or sell. And, if you do sell, what will you do with the money? There are a few things to consider.  Read More

How to Advertise Your House for Rent | Salem Property Management Education

Mendell Gosnell - Tuesday, October 17, 2017


Advertising your house for rent has an impact on your vacancy time and the type of tenant you attract. Today, we’re talking about some of the things to consider when you’re putting together an advertising strategy.  Read More

The Oregon Eviction Process | A Step by Step Guide for Salem Landlords

Mendell Gosnell - Tuesday, September 19, 2017

How Long Does it Take to Find the Right Tenant in Salem, OR?

Mendell Gosnell - Tuesday, August 22, 2017


The right tenant is worth the wait. Owners are anxious to get their property rented in record time at the cheapest price and get the highest rent. We understand that. However, the goal is to find the best tenant. That’s what we’re working for. We have sometimes learned the hard way that patience can pay off.  Read More

How Do I Rent My House? Advice for New Landlords in Salem, OR

Mendell Gosnell - Wednesday, August 16, 2017


I personally recommend trying to manage your rental property yourself. Yes, I am a property manager, and I make money managing investment homes for others. But, the learning experience is valuable, and you need to know the reality of what it takes to manage a property. This firsthand knowledge will make you a great owner to manage for. You’ll understand the challenges we go through to ensure the success of your rental property.  Read More

Case Study - Re-positioning an Apartment Complex

Mendell Gosnell - Monday, July 03, 2017

Case Study

 

It was late summer when our office received the call about a distressed investor and property that needed to be sold quick.  We needed to set up a time to tour the property and gather any available financial data and see if this was a deal worth pursuing and it meant dropping everything and moving right away.

 

After taking a look at the property we noted numerous items that had been deferred and a laundry list of red flags such as a shady on-site manager and sketchy repairs made throughout the property by the “do-it-yourself” property owner.  These items would no doubt cause a lot of headaches at best and at worst cost a lot to rectify.  Taking all the risks and costs into account and doing a fresh market analysis to determine what the units could rent for we came up with what we thought would be a fair price range to begin the negotiations.  After giving our offices feedback to the investor and potential buyer he had the information he needed to forge ahead in the back and forth negotiations with the other parties involved on the selling side.

 

After some hard-fought negotiating back and forth, the investor reached a purchase price he was happy about and that both parties could agree upon.  There was a lot of groundwork to take care of still not too mention that the owner was moving quickly to sell another property in order to 1031 into this larger property.

 

Jumping ahead to the closing and take-over of the new property, we hit the ground running at full speed.  However, we certainly hit several abrupt speed bumps along the way.  One of the big challenges was dealing with removing the old on-site manager who had turned out to be lying about a great many things.  This was a long drawn out process that ended in court with our company winning and yet the owner was very magnanimous in letting them go without pursuing legal charges...what a drama that was - another story in and of itself.

 

At the time of this writing, it has been a little less than a year that the investor closed on the property and we took over management.  We contracted with several vendors and invested countless office hours and maintenance technician staff hours to fixing deficiencies, rehabbing units, making things safe and improving the overall curb appeal of the property.  

 

At the time of the takeover, the gross expected rents were $29,395.  Currently, the gross expected rents are solidly above $36,000/month.  We are able to manage the property for slightly less than the previous onsite manager was being paid, and have cut out a few redundant expense items and overall improved the bottom line of the asset.  In terms of value add - the property has an increased market value of between $600,000 - $800,000.  It was a LOT of work upfront and required a solid capital investment from the investors, but the return for the risk and hard work has really paid off.


  Read More

Centurion Logo

Centurion Real Estate Management   |   1365 Commercial St SE   |   Salem, OR 97302   |   503-588-0940
Copyright © 2018. Centurion Real Estate Management. All Rights Reserved.   |   Sitemap   |   Contact Us


Centurion Real Estate Management, LLC is committed to ensuring that its website is accessible to people with disabilities. All the pages on our website will meet W3C WAI's Web Content Accessibility Guidelines 2.0, Level A conformance. Any issues should be reported to jesse@c-rem.com. Website Accessibility Policy