Cost to turn a rental

[Derek B.]

I just finished turning a rental and thought I would share the numbers.  We did replace the flooring in part of the home at a cost of $1800, but the rest of the turn was $500 and about 15 hours of my time.  

First, this place was left in excellent condition.  But, it still needed paint in a couple of rooms, 1 new toilet, 1 new light fixture, a shower rod, a new air vent cover, oven drip pans, some miscellaneous repairs and a deep clean.  

If you are new to buy and hold, don't fool yourself on the real expenses associated with rental properties.  Be sure you are factoring repairs, turnovers, vacancy and capex, among the other obvious expenses.  This is a solid A- property that attracts great tenants, but I can and do expect turnover costs each time.  Yours may be different - just make sure you know them and are funded for them.

It actually would have cost more, but we only had 3 days before the new resident moved in, so I did all the work myself except flooring.

[Michael Noto]

@Derek B. Posts like this are important.  Thanks for sharing this.  These are the type of costs that newer investors never even think of. 

Congrats on getting another tenant in there quickly as well.