After speaking to many investors at my local REI, it seems like many of them do their own painting/cleaning/maintenance during a turnover. I realize the benefit because painting alone can be an expensive cost but Im trying to not get pulled away from the investor side of things(as well time I get to spend with my two kids under 3 yrs old). I the capital region (albany/colonie) area, I believe that most investors look at $100. a door in this area and were definitely not affected my market crashes as much as other areas. It just seems like most people comment that if you dont do the turnover yourself, theres not much profit left. I could question there investments but many of them area seasoned investors.
Im just curious on your involvement, philosophy, and systems used when turning properties.
Hey George - we did this for several years while self managing and it got time consuming and costly. On the flip side it is always gratifying to rejuvenate your investment and no one is going to take care of it like you will.
My advice would be figure it if you're going to self manage or outsource. Either way just build your model accordingly. Plan for turnover cost in your model (whether you outsource for it or not you will still have cost associated with materials and your "time" away from the family and other things).
FWIW - we use property management and model in something like 33% of units turnover per year (of course will fluctuate with each property/location,etc) and about $200-500/unit each time it turns over. If you build that in you'll feel better about that just being part of your ongoing OpEx.
Best of luck!
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