by Siobhan Cerney
Posted on 2019-10-07 10:17:01
Rental Property Rehab
Entering the real estate business can be both rewarding and stressful. How you choose to handle picking the next rental property really decides how the rest of the process will turn out. Rehabbing rentals can provide a great opportunity to invest depending on how you flip the property, and how closely you pay attention to the details.
Questions to ask yourself and your team:
When you rehab a rental property, this can turn into a great strategy so you (or investors) can increase the value of the property and create a platform to charge more in rent. An additional reason you would want to rehab the unit prior to renting is so you can look at any outlying issues maintenance wise, so you don’t have a large expense later.
So, you’ve found a rental property that you’re interested in, or you’ve already bought it. The next step is to be sure there are no further permits you need to get, any utilities to be set up, and get insurance squared away. To prevent possible illegal activities, be sure to change any and all locks on the premises!
Think of a renovation/rehab project plan in order of most to least priority. Keep a schedule and timeline in place for what needs to be done with the end goal in mind. Don’t forget to get in contact with the village or city to be clear of any local ordinances, codes, and requirements. You will certainly need to get in touch with the right maintenance people for the job and get all qualified professionals to help with electricity, plumbing, carpentry (if needed), and general maintenance. There are so many websites out there nowadays that are in place specifically to help landlords. Some of which you can place an issue out there for maintenance people to bid on, and you can hire the one that best fits your needs like www.taskrabbit.com. Definitely keep the schedule created up-to-date and communicate with your team so nothing gets overlooked.
After the larger issues have been completed, the floors and paint are next. Be on the lookout for any chipped walls or flooring that may have taken a beating during the rehab. Then, move outside and take a look at any fixtures in need of repair outside.
List your rental! Of course, you have some options as far as this goes whether you want to personally list or use a real estate agent. Again, there are many websites to also assist landlords in doing this. Using a real estate agent is helpful though as they can take the professional photos and provide your insight on what can make the property more appealing (if needed).