Click on a menu bar to get further explanations.
Repair FAQs Why do you have such a sense of urgency? You hired me to make you money.
Many investors don't see the association between vacancy & income. Every week you wait to market your property costs you 25% of your monthly revenue. In real terms, this translates to $400 for a bread and butter lease/option property. If you waited 3 weeks to hire a crew, you lost $1200. If you earn money in your profession, make sure you calculate the cost of your time and vacancy. You may discover that it's cheaper to hire my guys.
Should I get new appliances? NO!!!!
Your 3rd renter or your 5th lease/option tenant will leave turds in your refigerator. It will be so disgusting you will have to pay someone to take it away. If you get a lease/option tenant, you don't even need appliances! If I catch you purchasing new appliances I will scold you.
Can I use my own crews? Yes.
I don't get kick backs from my vendors. I recommend them because they are dependable and make my clients happy. If you want to do the rehab yourself or already have your own crews, go for it. If you earn money in your profession, make sure you calculate the cost of your time and vacancy. You may discover that it's cheaper to hire my guys.
How good are your crews? Perfect for rental rehabs - not your wife.
They believe in my school of "good enough" which means it will be inexpensive and they will get the job done in short order. If you want crown molding and granite counter tops made for the Queen of England, you need to go somewhere else. My guys are licensed, on time, done, next property please... This also means, I don't want your wife calling them. If your wife bogarts my crews I will be pissed.
Can you babysit my rehab? I will only babysit a rehab at 10% over invoice.
I'm not in this business to rehab properties. I charge 10% because I don't want to babysit your rehab. You are an investor. You can do this. Use my people and everything will work out fine.
Should I install grass or keep existing grass alive? No.
Las Vegas is in the desert. Grass doesn't grow in the desert unless you have some insane person constantly tending it. Renters don't fall in the category of good tenders. Grass also invites tenants with dogs. Do you really want to spend $30/month to invite dogs to tear up your property? If you make the mistake of getting a property with grass, let it die, put in desert landscaping - free yourself forever. Grass puts a chain around your neck.
Should I fix up the front yard? Yes.
Rock. Cactus. Done. You can get crazy with a mesquite or some oleanders if you feel a need to get creative. Rose bushes and anything that requires water for more than a week will die a horrible death between your 3rd and 5th tenant.
Should I fix up the backyard? No.
There is an 80% chance your next tenant will destroy it. Leave it alone. If your tenant wants to install or plant something, offer to split the cost. Make sure they have labor and money invested. You don't want to do anything that will encourage a pet.
|