Appreciation post: That time a Detroit landlord told me I was over-renovating

I was fixing up a small commercial space on Michigan Ave near Corktown last year, putting in high-end finishes and custom everything. My buddy's dad who owns like 8 buildings in the city came by and just laughed. He said 'you're putting $40k into a space that'll rent for $12 a square foot. Nobody cares about your fancy tile, they care about the roof not leaking and the heat working.' At first I was mad, but he was right. I stripped back the budget, focused on solid plumbing and HVAC, and got the place leased in 3 weeks. Now I tell all my clients to stop trying to impress and just make the building functional. Has anyone else had a seasoned landlord talk them out of a bad move?

2 comments

2 Comments

jessica84113d ago

Yeah I learned this one the hard way too. I spent like 12k on custom built-in shelving for a duplex only to have the tenant complain the water pressure was too low for their shower. The shelving looked nice but nobody cared. Now I always tell people spend the money on good insulation, new water heaters, and solid locks. Those are the things that actually keep tenants happy and your turnover low.

sanchez.pat13d ago

Dodged a bullet there, at least nobody stole those shelves.