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Updated almost 8 years ago,
What are the best rental property rehab/reno investments
Buying my first 3 family. I was wondering a few things
1) what you have done in the past to walk the line of renovating rental units to get a bit more rent/appeal to a better tenant while also watching the budget. - What parts do your recommend putting money into? what materials cost a bit less but are good for rentals/wear and tear. what simple things do you do on most of your rentals? (i.e paint the cabinets white get new stainless steal knobs, paint the walsl _____ color, white trim? newer white doors? change out the door handles etc. etc etc. what material for kitchen counters /bathrooms etc.
2) any recommendations for appliances? Know any places to get appliances where they might have gotten scratched at some point so are getting sold for way less?
3) i have oil heat on the property with no gas line on the street. What other alternatives have you seen to reduce the heating bills? Oil tends to be more expensive so some time it can push away possible tenants, but at the same time i am not sure "heat included" rent is such a great idea b/c that could lead to tenants abusing the "free heat"
4) how do you handle care for the property (snow removal mowing the lawn) do you include it in with the tenants responsibility? reduce rent for one tenant/make them do it? etc.
5) is there anything you use to auto deduct out of tenants checking account for rent like car lease/utility companies etc to reduce the hassle of rent collection?
I know theres is a lot in these questions anything you can contribute is great.
Thank you all for your help!