It’s not easy running a rental business on your own. One of the biggest challenges is rehabbing your home(s) according to what your tenant mix demands.
A piece of advice, if you’re into lower income rentals:
Most people in the lower income demographic are looking for something clean and affordable. Period. I always supply stoves and refrigerators, but I never hook up the ice makers in the refrigerators. They leak, malfunction, and aren’t worth the hassle. Ice cube trays work just fine!
Another item I don’t install is garbage disposals. People try to put crazy stuff in them. The unit jams up or just quits altogether. Another repair/replacement issue! Not worth the hassle.
And lastly, take a pass on the sink sprayer. Tenants tend to be rough with them. They’re easily broken, they leak … again, not worth installing. You can buy a “plug” for the hole where the sprayer goes.
Even without the above items, my units compare extremely well to the competition, because they’re super clean, including fresh paint and nice flooring, and they’re accompanied by an attentive landlord!
As I work my way up on the income scale, I add amenities … high-end counter tops, flooring, and other accessories.
This may seem elementary, but I’ve seen too many real estate investors buy their first rental and pour way too much money into the rehab … you must make it attractive to your market, nothing more, nothing less!
Onward and upward …. 🙂