Are you planning on buying new rental properties this year? If so, during the process of searching for new properties there are a variety of problems that you should be on the lookout for because you can easily turn those problems around while other investors may skip on buying those rentals in favor of finding properties that are problem free.
The first problem to be on the lookout for when buying a new rental property is strange smells because a smelly home will drive away about 90% of other investors. Thankfully, a smelly property is easy to fix because after painting, cleaning the property and carpets it’s likely that those smells may go away.
Another thing to be on the lookout for when searching for a new rental property is a home that has “hidden” bedrooms. These are generally spaces that the owner left as a loft space, large family room or huge bedroom. Once you find a home with a “hidden” bedroom you should get excited because, after spending time/money, you can turn that space into a bedroom, increase the value of your property and have another room that you can offer potential tenants.
Ugly Countertops and Cabinets
Although nobody likes ugly countertops and cabinets, the reality is that old countertops can be replaced and cabinets can be refinished and or repainted so that they look new.
Last of all, but most important, another thing to be on the lookout for when buying a rental is a property with a leaky roof. Most investors will turn away from buying a property with a leaky roof but the reality is that replacing the roof may cost a lot less than you think and once it’s replaced, you won’t have to worry about that roof for years.
Get Property Management in Monterey County
Are you ready to hire a property manager to professionally manage your portfolio of Monterey County rental properties? Contact 36 North Property Management by calling us at (831) 484-4604 or click here to connect with us online.