First rental property

[Dan Weyers]

Hi Everyone,

We have made an offer that was accepted on a property that is a 4-plex. It has three 2b 1ba and one 1b 1ba. We are going to renovate one unit right away with new carpet, new paint, and a bathroom update. We will do the other three units as they become vacant Does anyone have any renovation tips for us to keep costs low? Or any tips on what renovations will make the most impact? 

Can't wait to hear from people that have done this in the past. Thanks in advance!

[Theresa Harris]

@Dan Weyers  Congrats on your accepted offer.  Make sure you get copies of the current leases along with the security deposits and familiarize yourself with the local tenancy laws.

For rentals, you may want to look at vinyl plank instead of carpet.  It is easy to replace if a piece gets damaged and is much more durable than carpet.

Keep things neutral and as you do repairs, look to see if there are items nearing the end of their life that need to be replaced and don't replace them with the cheapest item available.  Some tenants can be pretty hard on the place.

Keep leftover paint and write the unit number and room on the lid for when you have to do touch ups.  Ideally all the units will eventually have the same paint, but you can also find mistints sometimes that are a lot less expensive.