From what I know, every income property owner has or will have a favorite property, especially once they get quite a few in the portfolio.
Luckily 2 of my favorite properties are right next to each other and they get a ton of love from me: probably because of a lot of factors some of which first attracted me to the properties when I was buying and others just came naturally.
Why do they get more attention from me?
Both have in common: interesting mid-century modern architecture which is nice when it’s updated, both are in great locations that attract prime tenants and are overall stable. Part of them being stable is because of my input. Nice properties tend to have nice tenants. It’s really of mutual benefit. I take pride in my properties and they appreciate that fact, by doing the same.
One recently got a cool remodel. Money and return is always on my mind, so I did not go crazy, but I did not hesitate to put in some extras and some higher end appliances because I know the tenants it would attract would respect and appreciate the place and protect my investment.
The payoff, if we just do the numbers, will be longer, but I happen to think aggravation and stress has a cost too. I would rather have an apartment empty longer and spend some more money to have it nice then take in tenants what will have issues with the place to which I’ll have to listen and get calls about or they will not be the right fit which will result in my having to think about resolving problems: I really don’t enjoy it and I’ll do a lot to save myself from facing these issues. You would know what I’m talking about if you own rental properties.
So both of these properties are getting special attention because the momentum is there. If a property does not have this momentum, you need to create it. I had a favorite 4 years ago: it got a lot of attention and care. It’s long not been a favorite, but I rarely have issues with it, the tenants are great and have stayed a long time and I really don’t have to think about this property too much except to cash the checks each month, pay a few bills and once every 2-3 months drive by to see how it’s going.