Questions from a new investor - offer just accepted!

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Questions from a new investor - offer just accepted!

Sheeva R.
San Jose , CA · Member since 2016 · 52 posts · 12 votes

Hi all, 

Finally after putting in many offers I had one accepted - Florida Emerald Coast, 2 bdr/2.5 bath, near the beach. 

A have a bunch of questions being new at this and not knowing what I don't know!

1. It has not been renovated (built in the 80s) and could definitely use some renovation. But since we are into high season we won't close until May, should we just try to rent as is and then do the cosmetic upgrades during low season? My understanding is that the market is very seasonal. Or should we do a mini spruce up with new flooring and paint and then be 2-3 weeks delayed? 

2. What are some things at this point I need to start working on to get this place ready to go asap?

              - arrange for cleaner/handyman

              - start AirBNB listing

              - finding a professional photographer

3. Also, since it is a 2 bedroom - does it make sense to put 1 king, 2 queens and then a pull out sofa in family room if they all fit? Is this the best setup?

Any advice on these questions or anything else that I am not thinking of would be very helpful!

              

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  • Benjamin AakerPro Member
    Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
    4y
    Hi Sheeva, congratulations on getting an accepted offer! Assuming this is a short term rental:

    1. Rent it out now and do the full rehab when the vacancy is up.
    2. Get the place cleaned up first, then get the professional photos, then put up the listing.
    3. If the two queens fit in your second bedroom, you can go for it, but if there are two beds, most likely will be two siblings / friends in the room and they won't need such large beds. If the room is really that big, then you could consider a third bed or another pull out sofa.
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  • Sheeva R.
    OP
    San Jose , CA · Member since 2016 · 52 posts · 12 votes
    4y
    Quote from @Benjamin Aaker:
    Hi Sheeva, congratulations on getting an accepted offer! Assuming this is a short term rental:

    1. Rent it out now and do the full rehab when the vacancy is up.
    2. Get the place cleaned up first, then get the professional photos, then put up the listing.
    3. If the two queens fit in your second bedroom, you can go for it, but if there are two beds, most likely will be two siblings / friends in the room and they won't need such large beds. If the room is really that big, then you could consider a third bed or another pull out sofa.

    That's what I'm thinking too. Realistically how quickly could all this take place after close? In other words when could we plan on accepting our first bookings?

    Also, to that end, would you recommend just keeping the current furniture and then doing all new after renovation? Instead of having to move the furniture during renovation?  

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  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    4y

    I agree that IF the place looks tidy and you can give it some personality with paint or accessories, get it rented right now.  People tend to like a theme, and a unified color scheme is helpful.  We slow down our bookings in September and October here on the E coast of central Florida, but are in high demand right now.  I will do my renovations in those slower autumn months.  I am also getting requests for bookings for next year (Jan-Feb-Mar).  

    As far as furniture, it has to be nice looking! Can't be dingy, or really dinged up, stained, sagging, etc.  You don't get a second chance to make a first impression. 

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  • Sheeva R.
    OP
    San Jose , CA · Member since 2016 · 52 posts · 12 votes
    4y
    Quote from @Kerry Baird:

    I agree that IF the place looks tidy and you can give it some personality with paint or accessories, get it rented right now.  People tend to like a theme, and a unified color scheme is helpful.  We slow down our bookings in September and October here on the E coast of central Florida, but are in high demand right now.  I will do my renovations in those slower autumn months.  I am also getting requests for bookings for next year (Jan-Feb-Mar).  

    As far as furniture, it has to be nice looking! Can't be dingy, or really dinged up, stained, sagging, etc.  You don't get a second chance to make a first impression. 

    That makes sense! Thank you!
    where Are some places people typically buy furniture from and what is a usual budget for a 2 bedroom?
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