All Forum Posts by: Christopher Morris

Demand was my biggest question when I started. I took the leap knowing there were a number of hospitals in the area. Turns out a site like this can help you identify what hospitals are producing the demand. It confirmed where the demand was coming from.

https://www.vivian.com/browse-jobs/landing

@Christopher Morris  Go on the Furnished finder website and run a search for your area. There are stats on the bottom of the first page. Also look at the rented units in your area that show up in your search and are available. If you see alot of available units might be more supply than demand. Also the units listed similiar to yours will give you an idea of a competitive price.  You can also look on airbnb for rentals of greater than 30 days.  Traveling health professionals prefer smaller units so typically a maximum of 2 bedrooms. furnished finder also has a number of other resources on furnished you can use. This site also has a book called the 30 day stay.

Hi @Christopher Morris no slow down with my preferred rehab crew.   Extremely affordable and best quality products for price.  Shaker styler cabinets white with quartz countertops are still the go to for rentals.   Never pay everything upfront.   

Hi Christopher! Good to see someone living in a neighboring state pop in here with some posts. Congrats on the building! 

Interview a couple contractors and ask them for pictures or references of previous kitchens they have installed. You definitely don't want a newbie installing kitchen, but a contractor that has some experience should be able to install a kitchen without much difficulty. Especially if it is a standard house with drywall and stud framing. If its being installed onto a brick wall, that could create some more headaches. 

What level of rental are you looking to have? A, B, or C grade? If you are going for the A, definitely go a higher quality cabinet, granite and some crown molding on the cabinets. If its a B I would say you do not have to do the crown molding to get the rental price you are looking for. If its a C, you could probably do formica countertops instead of granite and still get the rents you need. 

As for deposits, I wouldn't give the contractor much as a deposit unless he is ordering the materials. If you handle purchasing the materials, he should be fine with coming and installing them and getting paid. If you are having him handle the purchasing, a deposit is almost always needed. 

Hope this helps! 

@Christopher Morris, ideally you find a contractor that will take payment on completion.  For a full kitchen that is probably unrealistic, but ideal.  

Short of payment on completion, there should be minimal upfront, maybe 30% if contractor is providing at least some of the supplies.  From there, every draw should be done on clear milestones.  

The more that can be paid at completion the better, so don't fall for "final 10% due upon completion" unless you never want your punch list done.  Things like trim, paint touch ups, final caulking, etc are all very painstaking work.  So on paper it seems like not much, but it can be 40% of the overall time to complete job, depending on full scope.

Assuming you are gutting and starting from scratch, I would outline:
- Draw at completion of demo
- Flooring installed and covered
- Electrical rough in passed
- Plumbing rough in passed
- Drywall installed, mudded and sanded
- Cabinets installed, with any crown and pulls
- Counters installed
-Backsplash complete (installed, grouted and caulked)
- Electrical final inspection passed
- Plumbing final passed
- Paint
- Floors finished (if hardwoods)

You can also check out the Ultimate Guide to Screening Tenants written by Brandon Turner.

One year lease.  Sometimes a swipe For Rent sign in the yard is enough and a lot of folks use Zillow in their searches.  Other factors:

1. Be sure to set your tenant criteria first.  Minimum credit score, employment history/length, more.  This ensures that you have criteria that is not subject to a violation of the Fair Housing Act (discrimination claim).  And, have condi photos of the property pre-tenant taken to evidence condition.

2. Screen only qualified tenants; this also means doing an online verification of their employment and past residence. Google those...falsification of applications is common. They will have a friend take phone calls to verify employment and past residence. Address searches have shown people living at Taco Bell and working at a vacant lot address. And, check their social media and more...if the guy has an online profile that is not in keeping with who he says he is, it's a safe bet that his online persona is what you'll end up with.

3.  It's worth having an online application associated with a screening resourse. The cost is nothing - as you can pass it on to the prospective tenant. This along with your online search is a minimum vetting process.  

4.  You need a real lease - and an Addendum which outlines in plain language what the rules of the property are.  If you're allowing pets, you'll need a pet addendum as well.  And, the tenant signs the lease first - then you as the landlord to accept it.  

Marketing a rental is the easy part. Selecting a quality tenant and protecting your investment - those are the real drivers.

Hope this helps.