Ellsworth Properties LLC | Application Preview
-
General Information
Business Registration Number: 86-2551191
Location: Bessemer, MI, United States
Length of Operation: 3
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
-
Funding Usage
We need many repairs *New roof including decking, facia and gutters *New exterior paint/siding *New windows and patio doors *New water heater in 1 building *Electrical and Plumbing updates *Interior updates such as cabinets, flooring and appliances *Handrails and deck railings need to be up to code
-
Business Plan
Our rents are under FMR for the area, grandfathered in from the previous owner. In 5 years we will have all rents at FMR, which will increase our annual gross revenue by 60%. We will work with MSHDA to offer rental assistance to lower income tenants, this will allow us to obtain more guaranteed income while also broadening our tenant base. We will also purchase other properties in the area so we have more rental units. In 5 years time our goal is to double our units available, and in turn, double our net income potential. We want to turn this community around. There are so many "slumlords" in this area who don't invest back into their property. We need the extra money to renovate these properties and fix things that MSHDA will look at when a tenant wants to rent from us. We want to give tenants a safe and enjoyable place to live with reasonable rents and offer MSHDA. We want to offer them rewards for being great tenants and paying their rent on time, such as quarterly drawings to get a free months rent. We want to build a household name for our business and be known as great Landlords who everyone is striving to rent from. We want to purchase and renovate other dumpy rentals in the area to build our business.
-
Self Identified Competition
Our competitors are other apartment buildings or privately owned landlords who offer rent in relatively the same price and condition as our units. There is another 6plex next door to ours that is a rental as well as rental units above downtown businesses. People should invest in our business because of the dedication and drive that is behind this business. We want to improve the area and give back to the community, where as other landlords are just in it for the income. We see a need for better housing in this area and we want to deliver. We want to be able to offer rental assistance to those who have lower income, but still offer them a nice place to call home.
-
Contact Applicant
Subscribe to our Administrator Dashboard to gain full access to this application. Learn More
