Tenants are under the impression that apartment building owners are in the business of providing housing for tenants
Sorry. They aren’t.
Landlords are in the investment business – buying apartment buildings to provide a Return-on-Investment (R.O.I) to an investment fund that owns the building.
The best way to increase the investment value of an Apartment portfolio is to boost the profitability of it.
This can be done in only 2 ways:
Implementing an increase to the rent price, $↑
Decreasing the operating expenses. One notable way is by firing employees ↓ who keep the building clean and safe (let an “app” or text line handle the complaints and batch the repairs on a cost-effective schedule). For example:
I am new here into the community… I am a single mom of 3 kids. However I’ve been receiving text messages coming from the Bradlee staff accusing me about reported complaints that don’t make any sense! Loud music!! Interruptive noises?? Disturbing neighbors!!; how crazy could I be to jeopardize my residency after 2wks of living here!? Never had any social event, no gathering, no parties Nothing!! My daughter watched a little tv last wk and after the complaint my daughter stopped!! I did everything i can to make peace!! Today i received another text about the same reason! From 04/17 @10:30pm With a final warning without investigating nothing?? My lease will be terminated!! After the 3rd!! I was not home! I have proof where i was. I feel there has to be misunderstanding. I feel like someone is out to get me. I don’t believe this fare! This is not right!! I just moved here and I feel extremely uncomfortable. It’s not right for me to be warned This way without me doing anything nor without proof!
Both of the financial strategies to increase the value of a rental complex negatively impact the tenants.
More rental income for less cost. Good for Landlord. Not so good for the Tenant.
If you think a landlord’s primary purpose is providing clean and safe housing – it’s time to reboot your thought process.
Perhaps you know a tenant renter whose apartment building has been sold?
The new landlord stereotypically comes in and increases rent on the first day they are allowed to.
Rent increases on Day 1 OR amenities that require a person’s time are stripped out.
- Automation replaces the onsite manager.
- Apps replace a receptionist.
- The camera’s in lieu of security.
But if you know their business model you really can’t blame them.
One apartment community in Danvers has been “flipped” four times now.
Each time the investor applies a tighter “wring of the towel” to extract more drips of rent:
You will be nickel and dimed, constantly have notices of random people coming in and when you’re lease comes up god help you because it’s going to be a raise and then go stay at a hotel until renovations happen. But guess what? They’ll list your place to others in 24 hours if you don’t have an immediate plan to leave or stay…
A tenant in the best-rated luxury apartment community in Danvers writes this recently:
This is a very unsafe place to live. Specially for women. Please, I’m urging you. Do NOT move here. Anyone can literally live and park here without being a lease tenant. The scariest part is that management won’t do anything about it. There have been 3 different managers in less than 3 years. You can hear your neighbors even using the bathroom. There are far better and safer places you could move to. Please stay away!!!!! no stars given I wish I could give a minus even that would be too good!
But you gotta live somewhere, right?
I’m not saying housing horror stories can’t happen if you own your own home (or condo), but generally, there is more due diligence that you can perform to try to avoid these outrageous mishaps.
We’ve built an enduring company and several careers around assisting Tenants across the great divide into home ownership:
We had an incredible experience with Matt Teeter at GoldCoast Mortgage Service, Inc. As a first time home buyer navigating the crazy market during the summer of last year, he was an excellent resource to us, going above and beyond to share his valuable insight. He is transparent, accessible, and all around a very nice guy!
Side note: I do believe he is the reason why we got the home that we did during such a competitive time, due to his accessibility and availability on a Sunday evening — when the seller was reaching out to buyers’ banks for references, Matt was one of the few who answered their phones (as several big banks are closed during this time)
Highly, highly recommend going with this group. Everybody we interacted on this team was so nice and accommodating; not to mention, watching them collaborate with my attorney and realtor as we progressed towards closing day was incredible – seamless work! Definitely a well-oiled machine.
Response from the owner a year ago
Dear Alyssa, There is no greater compliment than to be selected as a “guide” for one of life’s bigger projects. Thank you for selecting to engage with Matthew and our Team at GoldCoast. Reading this review both humbles and motivates us. We concur that a better buying process equates into a better homeownership experience for the future! Very gratefully yours, Team GoldCoast.
We’re not saying that Home Ownership is a good fit for everyone, that would be naive.
There are plenty of perfect reasons to stay renting as a Tenant: https://goldcoastmortgage.com/benefits-of-renting/
Yet if you are curious about seeking your Real Estate foothold – we have a defined path to help you consider the pros and cons between renting and owning. The first step is obtaining your Home Ownership Aptitude Score. The Score is free and unique to you. We don’t follow up unless you specifically ask us to. And we don’t remarket this or any of our sites.
Our professional licenses to do what we do is among the 60th oldest licenses in the Nation.
Sure we get paid for this service we thrive in. But not more than anyone else.
What we DO provide is a hidden layer of service not found by any other mortgage provider.
First up, it’s the niche we carved out. We know that a headset-wearing Loan Officer at Rocket Mortgage can’t even play in our arena of service level – and a 9 to 5 bank employee can’t comprehend our agility. If we didn’t enjoy it, it wouldn’t work. But we’re people persons 1st and not drooling over the commission to close your mortgage.
We take good notes, listen and observe. We get to share these micro-level observations for your benefit. To keep you safe. So you don’t fall into an open manhole cover (figurately speaking).
Access your free customized Home Ownership Aptitude Score here and see where your journey leads you to.
Here’s a sampling of what the Tenants of several Boston luxury apartment communities are saying right now.
Boston Luxury Apartments Bradlee / Halstead / UDR in Danvers:
Please Read this Review before Moving yourself and your family to the Bradlee Apartments.
I have been a tenant here at Bradlee for almost 2 years. My problems here at Bradlee started upon moving into my unit. Unit was never cleaned prior to moving in, my water was brown for about a week after moving in. There was a huge puddle of water left behind my washing machine in laundry room for god knows how long which resulted in black mold spores 2 feet up my wall in laundry room. When i brought it to the managers attention i had asked if they would cut the rotted drywall out and replace it with new drywall. All the did was repaint over the mold, after assuring me the damaged drywall would be replaced. THAT WAS MY FIRST WEEK HERE.
Management is a nightmare, they do not care about the well being of any of the residents they work for. They are extremely rude, confrontational, and threatening. The entire Complex […. ] I have been in contact with the AG and will be pursuing them legally.
Bradlee Danvers also claims they are a “Pet Friendly” Complex, but threaten you with eviction notices and notices to quit for alleged dog barking. Not only that but the grounds here are disgusting, there are dog feces everywhere. The dog park is littered with dog feces on a daily basis as well. Bradlee Danvers also has a very serious rodent problem that they again do absolutely nothing to mitigate. They claim that their units are “high end” but all their appliances are from 2007. Everything, the washing machine and dryer, the stainless refrigerator, the stainless stove, the stainless dishwasher all over 15 years old. This place is extremely expensive to live $2700 for a one bed one bathroom unit, and everything in your unit is outdated and disgusting. They also force you to pay for residential parking, sewer, and water, on-top of your already over priced rent. PLEASE DO YOURSELF A FAVOR, LEARN FROM MY MISTAKE AND FIND ANOTHER PLACE TO LIVE. “A wise man learns from his mistakes. An even wiser man learns from mistakes of others”