Woohoo - SFR #2

[Michael Smith]

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!

[James Wachob]

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. 

Jw