When working with rentals, there are some things that you should keep in mind. Some problems have risks, and it is important to understand the full nature of this, in order to ensure that you can have the budget to fix these problems. Here are the top problems, why in the world they are problems, and just some good ways to truly keep everything going so you can come out in the black.
First, is the smell. If you walk into a house and it smells like someone probably died. Bad smells are none of the simplest property fixes, but it drives out most competition. Rotten food, pet urine, smoke residue, mildew, or maybe there is a body, you should look at the smells, and determine from there which ones are causing, and what to eliminate.
You should however make sure that there isn’t a busted smell from a sewer, or in the basement, since that can be expensive.
Next, let’s talk the hidden third bedroom. Sometimes, this is there, and it is usually something that isn’t normally a bedroom that can be turned into one. Two bedrooms, a bathroom, a laundry room, or even a storage room could be an ideal bedroom, and if you need to just carpet it and add a door, you can turn that into a three-bedroom, which can net you an extra 20 grand in some cases. Not all two-bedrooms have this. Most of them don’t, but it’s a good hack if you want to create a good extra property you can utilize.
Another problem you should look into when shopping is that you should check ugly kitchens and cabinets. People will spend large chunks of time in the kitchen, so ugly cabinets and countertops are usually avoided, but the thing is, you can transform an ugly kitchen into a beautiful and modern one with just some new counters and some paint over the cabinet, and it can change the way people look at it. No more looking like it’s from 1979!
Finally, there is the leaking roof, which scares off the competition most of the time. It can be expensive in some cases, but you should check it out, get bids, and find the one that you’re willing to pay. A new roof can be really nice, and you won’t have to replace it if you don’t need to.
Sometimes, you can contact different contractors that use the same materials and quality, but they are different in terms of prices. You should always shop around, and not get taken advantage of, and instead look for the opportunity at hand.
When it comes to problems, not all problems are something that you can’t fix. Some of them are, and you just need to, as an investor, look to see where the real money is, and from there, put the money in the right places, and create a better, more worthwhile experience for your business as well for you.