What deems it rent ready? In YOUR opinion???

Question

How do you know when your home is RENT READY?

These are URBAN HOMES, SEC8 Homes.

Joshua Ferrari · Answer

My properties are B Class, so we get it cleaned pretty spotless. We usually touch up the paint in the unit, fill the holes in the walls, clean the range, refrigerator, etc.

If you have a C class property than maybe you don’t have to touch up the paint upon turnover. Probably would make more financial sense.

It’s very dependent on your class of property and your tenant base.

Cameron Riley · Answer

@Joshua Ferrari

How well do you clean your property before tenant moves in?

Joshua Ferrari · Answer

Well for Section 8, HUD decides when it's rent ready, if you're trying to get them to pay for rent.

In general, not Section 8, it's all dependent on you and your area. If you're in a B class area and you've only fixed your property up to D or C class, it might be harder to rent. Or it might go like hot cakes because lower income individuals want to get in the nicer area, but then you have to deal with lower income tenants, without the financial support of Section 8. It's very specific to your market.

Maybe you have a property in a C class area, and you've renovated it up to a B class rental. That could potentially cause some issue because people don't want to pay more to live in a worse area.

Never "over-renovate." It'll just be less of a yield for you in the end. You'll have to determine what other rentals in your market are going for, and what amenities they have. Look at a lot of rentals to get a better representation of actuals.

Ask other investors what they are doing in your area, and try to do the same if they've been successful in their endeavors.