On today’s episode we are discussing how to prepare your rental property to in 30 days. This topic is timely because we just closed on our second rental and have a goal to get it listed in just 30 days. We are making progress on our real estate investments in Toledo and I love sharing our experience with you!
Preparing a Rental Property in 30 Days
- Get access to the property! For us, we had to call a locksmith to get into the property
- Turn on utilities – this includes gas, water and electric
- Assess the systems and begin creating a checklist of tasks that need to be complete – as we learned, even though the house had signs that said it was winterized, the copper pipes still froze and require replacement before water can be hooked up inside the home
- Once you have your list of tasks, start calling contractors and subcontractors and begin shopping for quotes!
- Make all of the necessary repairs (all systems are in working order, no leaks in the roof, etc) and then start cleaning it up to find the best renters
- Give the house a fresh coat of paint
- Hire cleaners to do a DEEP clean
- Hire carpet cleaners (if necessary)
- Install blinds
- Install smoke detectors and carbon monoxide detectors
How to Find a Renter
- Take great photos of the property! Make sure you open up all the blinds, turn on all of the lights, and if you are really trying to show off your property, add some light staging – hand towels, a nice soap and maybe even a lit candle for ambiance. Check out all of my home staging tips here.
- Research similar properties for rent in the area to determine the monthly rent
- Upload your listing to Zillow and or a platform like TurboTenant with all of your photos and the details around your listing
- Have applicants fill out their application and run a credit check
- Choose your renter!
- On their move in date, transfer utilities into their name
- The Drummond Flip House is sold!!
- We are under contract for a house for our family! We are working on names for this house and I think we landed on “Cape Cottage” for the structural design of the home – I can’t wait to show it to you!
- Our second investment property is officially ours! We began renovations on the property to get it ready to go for renters. Check out the full story on how we found this property here.
- We celebrated Memorial Day weekend with family and were able to enjoy my parents new lake house and see the renovation progress.
- I am starting a YouTube channel! I will be sharing home tours and DIY tutorials on this channel and am excited to share more information with you through another platform! Check out the channel and subscribe if you don’t want to miss any of my upcoming videos.
Tips of the Week…
Lindsey: If you are looking for contractors to complete projects at your home, make sure you ask other contractors that you like to see if they know of someone who can do the job – they almost always do. This is a great way to build your network and find the best price for various projects.
Chris: When dealing with plumbing issues, sharkbites are fantastic! This plumbing piece allows you to easily connect piping when you need to remove a portion of the pipe due to a hole or crack.
Thanks so much for listening! If you are feeling generous, please leave us a review on iTunes!