Hoe to buy existing rental property-Part 5 Repairs and Maintenance
Published at : 04 Dec 2020
The purpose of a home inspections are simple, does it work or not work, and are there any termites existing? Getting the right home inspector is critical and we have some we have worked with for over 20 years with great reputations. Once the home inspection is in then we normally put in a request for the seller to do all repairs cited. The contract is contingent on buyer and seller agreeing to this otherwise the contract is void. We also require termite treatment if infestation is found. One thing the inspectors we use help us on is give their overall opinion about what maintenance they recommend in the next five years. That way we can add that to our return on investment analysis. Besides doing that the property manager and I can look at what upgrades and improvements will enhance the rentability of the property. It can be going with a stone counter instead of formica, adding ceiling fans, and upgrading anything we see as looking cheap. We evaluate what kind of paint they used on the walls and if it is flat paint we want an upgrade to low luster or eggshell to make it easy to clean and touch up. I can name more but you get the idea. This wraps up this series. Price, condition, getting on a good property quickly, red flags, and inspections and improvements are just some of the keys to doing this right wherever you are. We would love to get you started with conservative, lower risk real estate investments. We have a complete team of specialist to assist you in every aspect of your purchase either new or existing. Just remember that existing properties require even more due diligence. If you would like to start investing in Oklahoma City real estate for rental, please contact me at email@example.com.
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