Rental Property Investor · Santa Monica, CA · Member since 2020 · 15 posts · 12 votes
We are under contract for a house in Rancho Mirage. It’s an older Spanish style house with a huge yard. The foundation and space is great but the house and yard need upgrading to maximize rental income. My estimation is anywhere from 100k-300k (just a quick walk through and list of known things we are looking for). This will be my first rehab, my other properties were turnkey. I have a list of PM's i am interviewing for their services and to understand what i need to do in order to maximize rental income. At this point I think I would also need a contractor and a designer in order to build the vision and create a cost for the job. What else should I be doing in order to get this rehab under way as quickly, efficiently and cost effective as possible?
@Tara Faulks that is a huge range on value $100-300K. In this case, get a realtor and fast to nail down those comps and make sure this is something you can establish a value on for ARV and rents. If it won't rent for what you need it to, then you don't have a BRRRR (maybe a flip). Then get a contractor in there ASAP as well to determine exactly what needs to be done. I'm not sure in your area, but if you are mentioning designers, you either have a flip or a high-end rental.... Start with the realtor and contractor first, run your numbers and then determine if you want to proceed.