# Entrepreneur of the Week - Post 3. Preparing the property to populate tenants in the best way What to do after purchasing…
# Initiated week- Post 3. Preparing the property for rent is the best option
What to do after purchasing the property? Try to rent as soon as possible. How fast? very fast ?
Even before the closing of the property, I receive a price quote from my contractors (I have 2 that I work with regularly) - scoop of work and then we set out.
I usually buy assets that require Massive renovationIt is clear to all of us that this is how you get an attractive purchase price, that is, below the market. I'm renovating the house to high standards to spend Maximum rent from the property and when I say maximum, to me - higher than the rent in the neighborhood - it is my ambition to bring the property to a situation where it is most attractive in the neighborhood.
Since I have done a lot of renovations, I know today to estimate the cost of renovation by a certain level of finish based on detailed videos of my people in the field, a contractor's mine, and an insufficiency report (and some).
The finishing level in my renovations, is a good finishing level for rentals, not flip.
I will address the most important parts of the home:
If The kitchen Of the old house, I will renovate it (finger the cabinets) and not replace them (unlike Flip deal), many times I just replace marble.
When it comes In a wooden floor(Gallery rather than parquet), I am usually one of the wood with the help of a professional who is his specialty - replenishing wooden floors.
Since the houses I buy are not new (the 50-60 years) most of the timeאמבטיות Not in a cautious situation and in every home I am professionally redesigning the bath - it's called Bathtub Reglazing.
In the cold states, like Michigan, must be emphasized Roofs, gutters and water seals As the amount of rainfall is large and also the snow can damage the property in the near / distant future.
Gutters- Make sure they are in good condition, without leaks and the water is removed with extenders away from the house.
In the roofs I always require the contractor to get on the roof to do extra sealing, to replace worn shingles even if not inspected. These will prevent greater problems in the future of liquidity and damage to the home.
Gradients A gradient in the soil is important because it sits in a way where the water is removed from the house and the slope does not go towards the house, as the water will seep into the basement and cause damage, tenants will complain and the income will be damaged.
In the rooms- I take down the fans and install lamps, even if the fans are brand new because the fans have more faults in using tenants and can cause unwanted expenses.
Appliances- We know that in the US it is customary to rent the houses with electrical products - refrigerator, oven, dishwasher, washing machine and dryer. In order to get a high rent, I work with a supplier who provides me with used electrical appliances in excellent condition I oblige my tenants to purchase insurance for the electrical products through the local electricity / gas company. Over the years I have learned that electrical products break down quite a bit so today we require the tenants to be responsible for electrical products and not repair them.
Another tool I recently introduced and this time an initiative of one of my tenants, is Virtual tour With the technology of 3d matter port in the property after renovation, it is a small additional payment that produces a high level of engagement for my clients, when they receive the video and helps me rent the house by publishing the video in the listing databases - I am attaching a sample tour for you.
Hope my tips help you, write to me if I have renewed anything for you, I would love to find out and would love to learn from you about the little hakim in the renovation.
Pictured = a quote from Gone Stuart Mill accompanying me.
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