All Forum Posts by: Jim Fleck

Depending on the quality, you can put in a new kitchen for a few thousand...it really depends on what you want to put in there. one small wall of cabinets, sink, disposal, dishwasher (or not), stove/vent, fridge, countertop, flooring, run gas/plumbing if needed. $3000-10,000 depending on permitting (or not), skilled (licensed) vs unskilled (unlicensed but knows what they're doing)...tough question to answer but bottom line is you can get a cheap rental kitchen done for 3-5K I'd say...decent 5-10K and on up. I wouldn't pay any higher than that for a rental but with little info, hard to say.

I've bought properties all over the country and sold rentals to investors all over the country. It's completely false that it's a bad idea to invest without stepping foot in the property. There's too many tools available today online to research a market, it's crime, it's schools, rents, appreciation/depreciation to be in the dark. It's easy to hire an appraiser, an inspector, a local real estate agent and property management company that can do all the due diligence you need. When you look at the entire country as your marketplace it becomes a LOT easier to find a deal. Yes you need to be educated, and do your due diligence.

Sastry

I asked about the seller managing it, only because if he owns many, he may manage all of them, he may also use a management company that you'd be able to use as well. 

Other questions from above that we ask as well are:

• How long they've owned it
• Why are they selling
• Pet policies
• Who pays what utilities
• Current rents per unit? 
• When was the last time they were raised?
• How are they in relation to the area?
• What's his vacancy rate?
• How long have the current tenants been there?
• Have they indicated they want to stay?
• Are the mechanicals separately metered?
• When was the roof replaced?
• What major improvements have been made in the last 3 years?
• How old are mechanicals?

Gotta go, but will post more if I can find my checklist.

Hi Sastry,

A couple questions first:

1. Are you looking to continue buying more properties or are you looking to just buy one for now. I ask as it might determine the type of seller you might want to go with.

2. Are you going to rent it out or do you want your seller to do that?

3. Are you going to manage it or do you want your seller or someone else to manage it?

Jim