Investor · Provo, UT · Member since 2017 · 97 posts · 50 votes
I taught a class last week titled, "10 Types of Fixer Uppers That Don't Require Carpet and Paint!" It went so well we are doing it again this week, but it got me wondering, what are your favorite and most profitable ways to fix up a property WITHOUT using carpet and paint rehab fix ups.
Personally, I never felt good about trying to buy as low as possible, especially when sellers were struggling somehow in their lives and then attempting to profit by putting lipstick and paint on their pig. I know other options exist for property procurement too for rehabs, but there is so much more out there. Some of the fixer uppers I do are:
1. Conversions
2. Entitlements
3. Subdivisions
4. Use Changes
5. Zone changes
6. Income Changes
7. Income Fixer Uppers
8. Interest Rate Fixer Uppers
9. Mortgage Fixer Uppers
10. Capitalization Rate Fixers
What are some of your favorite ways to improve a property and it's value without carpet and paint?
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
9y
First, I fail to see how using carpet ever adds value to a property - it's a lint brush on your floor!
My favourite way to "improve" a property is the "right place, right time, right price ... do nothing" method ... then sit on it for 60-90days and refinance. We bought one earlier this year for $75K and just refinanced it at value of $145K (using the appraisal from time of purchase). It also fetches $2600 in rent each month.
Investor · Provo, UT · Member since 2017 · 97 posts · 50 votes
9y
@Jim D., I agree! Dead space in attics, basements, breezeways and covered parking can be a boon to the bottom line on rents AND future sales. Nice work brother.