Need advice for newbie (by BRAD 20,000 [IN]) Jun 9, 2016 12:07 PM
Need advice for newbie (by David [MI]) Jun 9, 2016 12:08 PM
Need advice for newbie (by BRAD 20,000 [IN]) Jun 9, 2016 12:09 PM
Need advice for newbie (by mick [CA]) Jun 9, 2016 12:28 PM
Need advice for newbie (by Beth [KS]) Jun 9, 2016 12:40 PM
Need advice for newbie (by sisco [MO]) Jun 9, 2016 12:50 PM
Need advice for newbie (by John2 [MI]) Jun 9, 2016 12:53 PM
Need advice for newbie (by Beth [KS]) Jun 9, 2016 12:58 PM
Need advice for newbie (by Beth [KS]) Jun 9, 2016 1:00 PM
Need advice for newbie (by cjo'h [CT]) Jun 9, 2016 1:31 PM
Need advice for newbie (by NE [PA]) Jun 9, 2016 1:37 PM
Need advice for newbie (by cjo'h [CT]) Jun 9, 2016 1:50 PM
Need advice for newbie (by Jim in O C [CA]) Jun 9, 2016 1:58 PM
Need advice for newbie (by Ray-N-Pa [PA]) Jun 9, 2016 2:01 PM
Need advice for newbie (by Robin [WI]) Jun 9, 2016 2:05 PM
Need advice for newbie (by Roy [AL]) Jun 9, 2016 2:39 PM
Need advice for newbie (by Vee [OH]) Jun 9, 2016 3:06 PM
Need advice for newbie (by don [PA]) Jun 9, 2016 3:38 PM
Need advice for newbie (by #22 [MO]) Jun 9, 2016 4:14 PM
Need advice for newbie (by Beth [KS]) Jun 9, 2016 4:18 PM
Need advice for newbie (by J [FL]) Jun 9, 2016 4:46 PM
Need advice for newbie (by Michelle [MI]) Jun 9, 2016 5:40 PM
Need advice for newbie (by RB [MI]) Jun 9, 2016 6:02 PM
Need advice for newbie (by cjo'h [CT]) Jun 9, 2016 8:04 PM
Need advice for newbie (by Rocking Bear [FL]) Jun 9, 2016 9:30 PM
Need advice for newbie (by MB [WI]) Jun 9, 2016 9:46 PM
Need advice for newbie (by BRAD 20,000 [IN]) Jun 9, 2016 9:49 PM
Need advice for newbie (by RR [WA]) Jun 9, 2016 11:23 PM
Need advice for newbie (by razorback_tim [AR]) Jun 10, 2016 5:35 AM
Need advice for newbie (by tryan [MA]) Jun 10, 2016 6:17 AM
Need advice for newbie (by Beth [KS]) Jun 10, 2016 7:36 AM
Need advice for newbie (by Deanna [TX]) Jun 10, 2016 7:44 AM
Need advice for newbie (by Sisco [MO]) Jun 10, 2016 7:57 AM
Need advice for newbie (by Still Learning [NH]) Jun 10, 2016 8:46 PM
Need advice for newbie (by Ray-N-Pa [PA]) Jun 12, 2016 3:22 PM
Need advice for newbie (by BRAD 20,000 [IN]) Posted on: Jun 9, 2016 12:07 PM Message:
What would you tell a newbie who just bought their first property and needs to make it ready for rent or resale?
BRAD
--73.146.xxx.xxx |
Need advice for newbie (by David [MI]) Posted on: Jun 9, 2016 12:08 PM Message:
Do things in the right order --166.170.x.xx |
Need advice for newbie (by BRAD 20,000 [IN]) Posted on: Jun 9, 2016 12:09 PM Message:
PS Focusing on the property itself, such as painting, flooring, upgrades... --73.146.xxx.xxx |
Need advice for newbie (by mick [CA]) Posted on: Jun 9, 2016 12:28 PM Message:
Depends on the condition of the building.
From personal experience, I upgraded the kitchens & bathrooms. Installed laminate & tile flooring. My average tenant is 30-ish, so new & shiny appeals to that group.
I also choose a beige-ish paint color which is more appealing than white. --76.238.xxx.xxx |
Need advice for newbie (by Beth [KS]) Posted on: Jun 9, 2016 12:40 PM Message:
I would tell them to improve the property but to beware of over improving it. Here are the things I would do followed by the things I would NOT do:
DO
Paint walls a Killim Beige or a greige color
Replace countertops or use Rustoleum countertop paint to paint countertops
Replace sink faucets, knobs and poassibly doorknobs
Replace flooring if necessary with Allure or refinish wood floors
Make the outside look presentable - call in the weed killer person and/or plant some grass seed. At least mow and edge the yard.
DON'T
Replace kitchen cabinets
Paint brown wood trim white
Replace driveway
With the above I am preaching to myself. Hubby and I tend to over improve our properties. In fact, we have two rentals coming up later this summer and I am resisting the urge to give each new kitchen cabinets. Whenever I have painted trim white in the past, it always chips and becomes a maintenance nightmare.
Hubby and I just bought a pit of a house that needed EVERYTHING! Looking back we put way too much money in the house. It was not worth the money or the time it took.
Make a list and stick and guard your wallet. --99.60.xxx.xxx |
Need advice for newbie (by sisco [MO]) Posted on: Jun 9, 2016 12:50 PM Message:
Write your list of tasks to complete.
Write your materials lists.
Go over lists 2-3 times.
Get contracts ready, in his briefcase.
Interview contractors.
Get Bids
Get the job done ASAP
Get good pictures
Market like crazy.
Have applications at the ready.
Have lease contracts at the ready.
Get it Leased.
--72.172.xxx.xx |
Need advice for newbie (by John2 [MI]) Posted on: Jun 9, 2016 12:53 PM Message:
Assuming they did their homework on their local market... First it depends on the season... If bought in fall, make a list for outside of the house--roofing, Windows, siding & storm doors etc... Then make a list for interior- I make a list by room ... I schedule people that can work together... For example- plumber can work while someone changes/repairs windows. We do flooring last :) --75.128.xx.xxx |
Need advice for newbie (by Beth [KS]) Posted on: Jun 9, 2016 12:58 PM Message:
Earlier I said not to paint the trim white. Actually what I meant was, try not to buy a house with wood trim you want to take white. It's too much work. I like to find houses in which the trim has already been painted white. Even if you have to add a coat of paint, that's a lot easier than starting from wood. --99.60.xxx.xxx |
Need advice for newbie (by Beth [KS]) Posted on: Jun 9, 2016 1:00 PM Message:
I would also remember to put a For Rent sign in the yard while you are still working on it. When we do this, as we are fixing up the house, we invariably have someone drop in and want to rent the house. It is wonderful to get your next Resident all in place while you are still finishing up the house.
--99.60.xxx.xxx |
Need advice for newbie (by cjo'h [CT]) Posted on: Jun 9, 2016 1:31 PM Message:
Before buying your first property, and I reiterate,before buying your first property, squire basic carpentry skills,so that you know if the things you do to the property are improvements or just botching it and making it worse than it was before.Of course common sense goes a long ways ,even though you may have a piece of paper with a Degree printed on it,doesn't make you intelligent,and don't lull yourself into a false sense of inexplicable security. Getting your hands dirty may be the best thing that ever happened to you! So go to it!Charlie...... ..... .... ... .. . --70.215.x.xxx |
Need advice for newbie (by NE [PA]) Posted on: Jun 9, 2016 1:37 PM Message:
Dont over-improve. Make it an 8, not a 10.
Don't rent to the first applicant out of excitement after finishing your first place.
Start looking for your 2nd place. --23.31.xxx.xxx |
Need advice for newbie (by cjo'h [CT]) Posted on: Jun 9, 2016 1:50 PM Message:
That should be aquire, and Beth, good idea putting a sign out front, gives you a bit of a break, and a chance to shoot the breeze a bit. Oh! And Beth, what is the actual colour of greige? Just wondering? Charlie...... ..... .... ... .. . ...... ..... --70.215.x.xxx |
Need advice for newbie (by Jim in O C [CA]) Posted on: Jun 9, 2016 1:58 PM Message:
Join a landlord association in your area. Get a mentor to
guide you for the first few years. --108.196.xxx.xxx |
Need advice for newbie (by Ray-N-Pa [PA]) Posted on: Jun 9, 2016 2:01 PM Message:
Learn to ID what your customer wants and needs and price and repair accordingly --72.23.xxx.xxx |
Need advice for newbie (by Robin [WI]) Posted on: Jun 9, 2016 2:05 PM Message:
Step one: decide whether he/she is making it ready for rent or resale. Making a property tenant-proof is a whole different animal from flipping it. --65.25.xxx.xx |
Need advice for newbie (by Roy [AL]) Posted on: Jun 9, 2016 2:39 PM Message:
Robin (Wi) took the words out of my mouth,...decide NOW whether this will be a rental or resale property. The rehab mindset for each is totally different. Speaking of mindset, learn to think like a business person does and not like a homeowner does. --68.62.xxx.xxx |
Need advice for newbie (by Vee [OH]) Posted on: Jun 9, 2016 3:06 PM Message:
You can fix many things from the bottom up but if the roof is leaking you have to start from the top and go down. --76.188.xxx.xxx |
Need advice for newbie (by don [PA]) Posted on: Jun 9, 2016 3:38 PM Message:
"For rent or resale." Those are two very different goals. For resale, make it look good with all the latest style. For rent, make it look good, but make it durable and easy to repair. Easy access to all plumbing, drop ceilings under all bathrooms so that when the toilet or tub overflow or the tenant left the shower curtain open a little it is an easy fix. --70.90.xx.xxx |
Need advice for newbie (by #22 [MO]) Posted on: Jun 9, 2016 4:14 PM Message:
Think of things in a systematic approach. Write down your wins. Write down your losses and be mindful of how to avoid those mistakes in the future.
Good subs know good subs in other trades.
Leave your tools at home!!!! You're the manager, not the owner.
Pick up the emyth. See how others handle the same rehab. Don't invent the wheel, just spin it with a few modifications. --70.195.xx.xxx |
Need advice for newbie (by Beth [KS]) Posted on: Jun 9, 2016 4:18 PM Message:
Hi Charlie. Greige is a grayish beige. Gray is sort of the new neutral. The millennials love it. Mega Greige is a SW color that is a good greige. --107.77.xx.xxx |
Need advice for newbie (by J [FL]) Posted on: Jun 9, 2016 4:46 PM Message:
I would say that what seem like "minor" cosmetic problems in the house to the new LL may be a big deal to good prospects. Get them fixed especially if they are in the area near the front where it's the first impression they get when they walk in. --72.188.xxx.xxx |
Need advice for newbie (by Michelle [MI]) Posted on: Jun 9, 2016 5:40 PM Message:
Make it clean. Cleaner than clean. Paint, caulk, scrub and deodorize. Make it feel to your prospects as if their possessions would be the first ones ever in the drawer, closet, shelf. Not every surface needs to be replaced and brand new, just very clean and fresh. --50.133.xx.xxx |
Need advice for newbie (by RB [MI]) Posted on: Jun 9, 2016 6:02 PM Message:
Have fun and don't knock your eye out. --24.180.xxx.x |
Need advice for newbie (by cjo'h [CT]) Posted on: Jun 9, 2016 8:04 PM Message:
Beth,go rah mait agut! Merci bocou! Or Thank you,My Highest Regards. Charlie...... ..... .... ... .. . --70.215.x.xxx |
Need advice for newbie (by Rocking Bear [FL]) Posted on: Jun 9, 2016 9:30 PM Message:
Curb appeal, neutral fresh paint, everything clean and fresh smelling, all systems working correctly but not knowing anything about the area is hard to tell. Decide what you want to do before you start and check out the competition, for me I make places that I would have no problem living in but with practicality in mind. --71.1.xx.xxx |
Need advice for newbie (by MB [WI]) Posted on: Jun 9, 2016 9:46 PM Message:
Don't do the repairs and face lift yourself. Hire it out! Time = Money...I have learned this lesson the hard way. --71.86.xxx.xxx |
Need advice for newbie (by BRAD 20,000 [IN]) Posted on: Jun 9, 2016 9:49 PM Message:
Good stuff gang! Keep it coming!
BRAD
--73.146.xxx.xxx |
Need advice for newbie (by RR [WA]) Posted on: Jun 9, 2016 11:23 PM Message:
If you hire a pro who is willing to explain things to you as they go, you can get tons of education about fixing houses in a few short weeks instead of muddling through things for months or years and still being a rookie.
Make decisions and get the job moving ahead. So much time is wasted by debating about this color or that color, brand X or brand Y. Just pick something good enough and move ahead. That is all that matters. Get It Done. You will make some mistakes but that's OK. An old friend used to remind me: we're not building a piano.
--24.22.xxx.xx |
Need advice for newbie (by razorback_tim [AR]) Posted on: Jun 10, 2016 5:35 AM Message:
As others have said, decide first if it is rent or resale.
Then decide how much you want for it based on other comps in the area.
Make it like those other comps - similar finishes, decorating, etc. I think this applies to both rent and resale. --166.137.xxx.xxx |
Need advice for newbie (by tryan [MA]) Posted on: Jun 10, 2016 6:17 AM Message:
When you hire out plumbing and/or electrical meet them at the job and WATCH WHAT THEY DO. At +$100/hr you'll get an education and make a friend who will take your calls.
Also find out if they TAKE SIDE JOBS ... outside of thier day-job. You'll need a weekend emergency contact. --73.249.xxx.xxx |
Need advice for newbie (by Beth [KS]) Posted on: Jun 10, 2016 7:36 AM Message:
I posted this in another area and thought it would be good here too.
I would make sure your unit is bright, shiny clean! Sometimes after awhile we don't see our unit's grime. I would also invest in some staging items. Hobby Lobby is great for that. I have a black LIVE sign that I put on the kitchen counter in most of my houses. It is just a nice touch that makes the pics stand out and gives people a positive vibe.
I realize that I now need to start updating my staging items. They were originally old world pics and pillows which I had gotten rid of from our own home. Now those items are dated. I need some brightly colored, modern ones now. Here is what I add:
Kitchens
LIVE sign on counter
3 coffee mugs - on bright colored napkin
Bath
White spa shower curtain
fluffy spa colored light green hand towel and wash cloth
Living room
Bright picture propped against wall
Bedrooms
Bright picture propped or a couple of colorful pillows in the corners
Front porch
WELCOME mat
Pots with bright flowers
(I have been forgetting the outside lately and I think this slowed down the time it took us to get a Resident)
GOOD TIP FOR HARDWOOD FLOORS
At Walmart they have this product called FLOOR FINISH (in the floor cleaners area). I think the brand is Holloway House or something like that. You just spray it on the floors and mop it on...takes like minutes. In 30 mins it dries to a lovely shine. Lasts 3-4 months. Makes the floors almost look newly refinished. --99.60.xxx.xxx |
Need advice for newbie (by Deanna [TX]) Posted on: Jun 10, 2016 7:44 AM Message:
"Clean, safe, and functional!"
Presuming it's a blue-collar neighborhood--- "See what the cheapest [x] is, and buy the second-cheapest." --96.46.xxx.xx |
Need advice for newbie (by Sisco [MO]) Posted on: Jun 10, 2016 7:57 AM Message:
Read,copy and save J (IN) post titled "Courage". --72.172.xxx.xx |
Need advice for newbie (by Still Learning [NH]) Posted on: Jun 10, 2016 8:46 PM Message:
Sit down and read this Q & A every morning with a cup of coffee. There is always something to learn or get you thinking about. --73.253.xxx.xxx |
Need advice for newbie (by Ray-N-Pa [PA]) Posted on: Jun 12, 2016 3:22 PM Message:
Seek out and use a mentor. They know the ropes and have the mistakes that you are about to make --72.23.xxx.xxx |
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