I am please to say that I just closed on my second property in Midtown Memphis. It is a foreclosure which needs some work. I am taking next week off of my day job, so I can hopefully get this property cleaned up and ready to rent.
I want to strip and repaint the outside and it is likely lead paint. I also need to refresh the roof. I believe the home had a package boiler hvac system which appears to have been stolen, and I would like to get that fixed quickly. Lastly, I would like to refinish the floors before renting. I think i can get the rest done with my own two hand and a little bit of sweat. Any recommendations for contractors that can respond quickly on the above?
Also curious about what method locals use to set their rent. Midtown has a ton of rentals, but it seems they rent quickly by word of mouth and it is difficult to get a good idea of what the property will rent for. Its a 2 bed 1 bath in the better part of V&E and should rent pretty high in that category. I'm thinking it will rent fairly quickly at $900, but I'm thinking of adding nice lighting fixtures, and appliances and starting by asking $1,100/month. Thoughts?
Thanks for the help BiggerPockets!
Congrats! I will speak with our leasing agents but $1100 should be doable if the unit is clean, and in a good area of midtown. I have a great guy to refinish hardwood floors if you need a referral.
Congratulations on the new property!
We use Rentometer, Zillow, MLS, Craigslist, and similar sites to quickly see what the rent ranges are for specific areas. We also call For Rent signs in the neighborhood.
As for capturing the highest rent possible, my experience confirms what your thinking. Finer finishing touches should help distinguish your house and command a higher rent.
Awesome! Much success moving forward
Congratulations on the purchase. Good luck with the renovation.
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