Buying the right propety and then Rehab ? or Fix up?
2 of the biggest mistakes investors make (in my opinion)
Buying the wrong property and rehabbing themselves out of the areas price market
First, hire a real estate agent that actually does property management when you are looking at properties to acquire because they will know what works as a rental and can from experience tell you what really need to be done to the property to make it rentable at a fair market value. Other agents may be really nice people and do a great job in getting the sale done, but their goal is to get you to buy "something" so they get a paycheck and but then it is left up to you to find someone to deal with the possible chalangenes the property will have to overcome to be a profitable unit. Having this experience on your side at negotiations could make the difference in even considering a property or the pruchase price you settle at.
All new is great but if your in a $500/mth rent area, finding someone to pay $1000/mth is not realisticKnow what your market is and maybe consider making specific fixes instead of all new which can be covered by a modest increase for the area of maybe $100/mth.
CLEAN (Touch up or all fresth paint and deep general cleaning) and TIDY (everything working and decent looking) is what is going to get your unit rented quickly even without major updates.
People are not unrealistic, they don't expect everything to be brand new if the unit is priced fairly, but they are always pleased when they already walk up to just a maintained looking exterior of a building and then happy when they walk into the unit and it smells clean and can tell that the flooring is clean and though things may still be older and somewhat worn they are in decent condition and functioning / working correctly because this shows that the owner cares about his property and how the tenant is going to feel about living there. This should get you more applications from a better quality of prospects. Add being responsive to any maintenance issues once they are in should help lead to longer term good tenants then once a tenant feels comfortable and safe they won't be looking to go anywhere for fear of ending up where the owner doesn't care even if there are moderate understandable rent increases.
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