How to approach unit flip with unit in questionable condition

Question

I have a tenant moving out at the end of March and I have an uneasy feeling about the condition of the unit. I want to get this listed, but I don’t know how well any updated photos would show or how it may look to a tenant during a walkthrough.

What would you do?

I’ve scheduled a pre-move inspection for the end of the week to assess. But would you wait to list the unit until you knew for sure? Would you wait until the flip is complete and potentially lose a week or two of rent if the flip can’t be complete before an April 1 lease start?

Paul De Luca · Answer

@Dana Erdman

I think you mean unit turnover rather than unit "flip", right?

I would wait until after the inspection to decide if it makes sense to list the unit for rent. If it's in good condition, go ahead and list it. If it needs a bunch of repairs and won't show well in its current condition, make the repairs and then list the unit.

Greg M. · Answer

If you have an uneasy feeling about the condition, that means you've been failing to make routine inspections. That needs to change ASAP.

Losing rent between tenants is a killer. I'd list right away and make mention that unit is available around April 1st. Not all tenants move on the 1st of the month.

You can use a drawing/layout pic of the unit and the old pics with the notation that the unit is in the process of being vacated/remodeled. That at least prepares people for the non-move-in condition.

Jules Aton · Answer

I never did inspections either and unfortunately my last long term tenant vacate was rough. I was planning to renovate after they left anyway so it was frustrating but not a huge deal. Maybe ask the tenant if you can come take pictures to prep for advertising for rent? Their response may clue you in on what lies ahead.

Dana Erdman · Answer

I just purchased the building in September and my understanding is based on my last walkthrough prior to closing.

Also, when renting, I’ve never lived in a unit with a landlord that did “routine inspections”, but will consider that moving forward.

How to approach unit flip with unit in questionable condition

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