Getting a home that needs updating is a challenge if you do not get a few rules established. This post is basically talking about income real estate and how to do it.
We leased out 100's of homes for more money monthly than anyone in the business. Check out the homes we have leased recently in the video below.
Buying a home and budgeting it is crucial to your income and equity. When your renting a home you need to rehab enough to get the top rents and not over due it. For example the flooring and colors are important in a rental. We have Sherwin Williams interior decorator pick a pallet of colors that we use in our rentals. This cost nothing and the upgrades are reasonably priced.
Here is a home that we are leasing today for $1200 a month. Click here to view the home. You will see that we really just updated the homes flooring and paint.
The homes Maintenance is also very important when your leasing a home. You do not want a tenant moving in a home with a ton of issues that need to be addressed.
We always have the plumbing, HVAC, and electrical addressed when we are rehabbing a home. Plumbing seems to be the biggest issue in most homes. Getting the drains working properly and plumbing pressure correct is important. Not doing this will cost you in the near future.
When you are rehabbing a home and some extra cost happen, you need to know what you really need to spend in a home for top rents. So if you have a $1000 item look at where you can cut and keep the home in budget and still get the rents.
A great way to know what is needed is to look at other properties that have rented in your area and see what type of updates they have.
Lastly marketing is very very important in getting top rents. Sometimes we have 40-50 people look at a rental from our ads. We do a lot of social media, real estate websites, and MLS advertising to get our homes seen. Professional pics and videos are also on our ads.
When you sell the home and want to get all the equity you need, then you look at the homes that have sold for your desired price. Then you will know what type of updating in needed, and you will not over due the rehab. That cost you money and with real estate you need all the profit you can get.
Need to know where and how to look at income real estate? Call me I'm Brett 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona.
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Thank you