Money In The Closet with Jim Monk Episode #127

Jim Monk, President of Clozzits has an untapped niche in the world of value-add truly validating that there’s money in closets. Clozzits has disrupted the world of unit upgrades with a first-of-its-kind, low-cost program designed specially for renovation or value add especially in the multifamily real estate sector. Clozzits’ creation is based on the desire from multifamily owners and management companies to recognize previously unventured revenue growth opportunities. Serving property owners that aim to rethink the ordinary and often forgotten closet spaces within their portfolio to increase overall asset value and ROI. Tune in to listen to how you can increase your top and bottom line by focusing on a space nearly overlooked and forgotten by most real estate operators -- your closet. HIGHLIGHTS OF THE EPISODE 02:01 - Background of the guest 15:13 - Framework for Opportunities 25:28 – The Process How to Increase Commercial Real Estate Value 28:38 – From Scalability Point of view KEEPING IT REAL 32:00 – Talking Banks about Multi Family Financing 36:24 – Setting Up a Unit on an Average size closet 40:00 – Talking to the Right bank for investment RAPID FIRE QUESTIONS 42:00 - Favorite Book – Podcast: Master of Scale by Reed Hofman, My first millions Books: Blitz Scaling by Reed Hofman, Traction by Gino Wickman 45:08 - Best Habit – An Everyday Standup meeting and A 10 minute Standup Huddle. 46:53 - Best Tool – Oracle netSuit for the company and a personal Daily planner 54:30 - Future forecast  – Helping to mentore NOTABLE QUOTES (KEY LESSONS): “We are conditioned to look at things one way, your not reinventing the wheel but you are re-conditioning the model” “listen based on experience not opinions, opinions can be dangerous” CONNECTING WITH THE GUEST Official Website: clozzits.com Facebook :Clozzits LinkedIn: linkedin.com/in/jimmonk #ExperimentCloset