Rental number 10 finished

11 Replies

Over the past two years and 9 SFRs we have learned a lot about what works and what doesn’t in our market.  We use a single type / color of paint, stainless kitchen appliances, granite counters, white trim, same bathrooms across all doors and digital locks on all properties.  

Here is everything we did for the latest one.  Purchase price of $121k, rehab of $8,200, rents for $1295.  We had many applicants.

Landscaping clean up, patched concrete, installed digital locks front and back, sanded and painted both entry doors, repaired all the panels on back of porch, replaced window screens, fixed garage door and opener, replaced most of the bathroom, painted all interior walls and ceilings, updated the kitchen with new counters, adjusted the cabinets to accommodate 30” stove, installed new appliances, paint4d everything, refinished the hardwood floors, replaced light fixtures and added ceiling fans.  We do 90% of the work ourselves from tiling to wood floor refinishing. The hole in the back of the bathroom was a laundry chute - that was fun to remove!

Now looking for 11 and 12...

All Finished...

@Franz Hohmann My partner and I are fairly handy and father is a carpenter.  Believe it or not I’ve learned a lot on YouTube. Every time we do one we learn a couple things; This redo required repositioning the stove and adding 3” to the opening in the cabinets and drawers as it had a built in stove. It also had a tiny recessed medicine cabinet and I wanted to put in a much larger one.  While cutting into the wall I found live electrical lines on each side buried under the sheetrock!

@Dawn P. - yes, two coats of primer!

@Sylvia B. - all original closet doors

Not sure about your state but here in Georgia, there's rules that kick in once you have 10 rental properties. (treatment of security deposits, requirement for move in/move out inspections, etc.) Every state is different but may want to check that out. Nice rehab.

We pay cash or traditional finance and usually buy one a quarter and rehab.  Most recent loan was 3.75%.  We can buy up to 20 with loans since there are two of us as business partners.  Fannie limits individuals to 10, above that you need to go commercial.  I don’t know when we’ll stop, I started this path 2 1/2 years ago because the stock market was having wild gyrations. Maybe we’ll go to 20?