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Investor’s Rules for Renting

 

  • Property should be sparkling clean
  • Property should look "Newly renovated"
  • Appliances should be "Newish" .  Most rental appliances are affordable and look nice.  Stainless Steel is not that much more than "White" and makes a difference in renting.  Ready Group's management group can offer you discount and wholesale prices on various products
  • Put the Basic extra's in the apartment (Dishwasher, Washer/Dryer, Medicine Cabinet, Switched lighting in most rooms)
  • Do not provide Microwave or any small appliance
  • Do not provide A/C units
  • Budget costs to be in line with the rent asked and location of the property. - If you are renting a loft in Soho for $10,000 per month you will have to buy high end appliances such as a Wolfe Stove as well as have designer fixtures and faucets.  If you are renting an apartment for $1,000 your appliances and fixtures have to be reliable and look nice.  They also have to fit into a "replaceable cost" budget.  If a faucet cost $125 and gets damaged, It is easier to replace than a $300 faucet that ends up leaking.  The cost to repair a fixture or appliance makes buying "better" not as realistic as replacing it. Again, the amount of rent charged will dictate the amount of budget for an item.
  • Spend a couple of extra dollars on finishes.  Put in Decora switches and plates, quality counter top, nice hardware, knobs & drawer handles.  If something looks cheap to you, the tenant will certainly think the same.  Price is not the deciding factor of "cheap" .  Quality and materials make something look "good"  or bargain basement.
  • Carefully check all items to see if it is the best that can be bought for the price point.  A hand shower head can feel like a piece of skimpy plastic for $20 or another brand model may have some weight, style and better finish for $30.

 

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