Upgraded entry door
Post 1031 Investment Property exchange! It has been sometime since I shared my ventures with you, so let me rekindle our conversation.
As I mentioned I recently completed a 1031 Investment property exchange. I acquired some four family buildings. These buildings are not in areas where I have traditionally invested so I am facing some new challenges in this economic stratosphere. I have decided to highlight one of the challenges in this blog - Access Control. Specifically building access control.
This is an industry that appears to be on the cusp of innovation, legacy systems are still available - think intercom systems at apartment buildings, all the way through other amazing companies that have amazing abilities such as locks that are controlled electronically and capture video/images of those who access the building. The problem becomes researching the industry innovators and keeping your fingers crossed that you are not selecting the next beta tape.
I am interested in a building access control system primarily to ensure that only those persons that are on lease have access to the space. This type of access control system will eliminate the tenant from having unidentified persons living in the leased space and keep out persons that seek to use the space for nefarious intentions. These systems stress building security.
Pictured here are my first steps toward having the building secured and deploying the new system. The main entry door to this four family building was in poor condition and looked terrible for a first impression. The measurements for this opening left only custom options on the table, coupled with the need for an electronic strike plate in the door frame further limited my options. Pictured here is an aluminum door & door frame.
This building has two ingress/egress doors. The door pictured is the main door, I have yet to replace the rear door (coming soon). A few steps are still required. Since no existing system is in place, I am going to have an electrician wire each door frame with power & connect the new access control system I chose for this location.
I chose a system that is smart phone based. This access control system uses your telephone to identify you and unlocks the door. The user side of the experience requires the tenant to download an app onto their phone where they will be issued a digital key for that phone/tenant only. When they approach the door, the access control system will recognize the key and unlock the door. The tenant cannot share the key or duplicate it. If the phone is lost, the landlord can deactivate it remotely.
This system has some other convenient features such as tracking logs, and allowing the landlord to give access anywhere the internet is available.
A few requirements are necessary to operate this access control system, electricity (as I mentioned & obvious) and connection to the internet. This system will have a few hardware items on site but the majority of the program and activity is 'cloud' based. These requirements were not a detractor for me because I plan on utilizing a video surveillance system on site. Having the electricity and internet will be a requirement for that system as well.
This investment is designed to keep quality tenants and attract new tenants when the next vacancy arrives. I have installed other security features at other investment property sites such as surveillance cameras. These cameras proved to be one of the variables that allowed me to retain quality tenants and experience small vacancy windows. Although this in my first experience with a building access control system, I suspect I will experience the same types of returns.