This is part 1 of the series, “I’m not going to live there so I’m not going to pay for ______”
As new investors, and especially in low income neighborhoods, there is a mindset that some people suffer from. It’s the “I’m not going to live here” mindset. There can be times when it comes to spending money on a renovation where this is a perfectly valid mindset, but many times it can lead new investors to giving a subpar renovation, thus attracting subpar tenants.
Part 1 of the series focuses on giving it your all, even if you’re not going to spend a lot on that lower end rental property, to get the results you want in tenant quality. My advice is regardless of what neighborhood, don’t let this mindset enter into your thoughts: instead, always think of tenant experience, and maintaining the longevity of your asset.
Leave your comments below!