So you bought an investment property, now what?

Investing in a home is a great way to build passive income but earning from your investment will take a little groundwork to become a well-oiled machine. This is your beginner’s guide to owning an investment property so you can set up that foundation properly to avoid future headaches.

Make sure it’s livable

It’s important to start with your home inspection before you start making plans. Use the inspection report to prioritize the maintenance issues.

Before a tenant moves in, make sure the home is livable. Handle the important items that affect the livability of the property, either now or in the near future. If the inspector noticed a leak in the roof or holes that could lead to infestation, take care of those first. Other maintenance issues to prioritize are the fuel and the hot water source.

If your city has inspection and registration requirements, be sure to cross check those inspection checklists with your current property. If the property wouldn’t pass now, make sure it will pass by the time the city sees it.

Upgrade the space

Once your property is in livable condition, it’s time to upgrade. If you have any left-over budget after the necessities are handled, consider adding a bedroom or a bathroom where you can find the space. These rooms heavily impact the rental price, and the more you have the higher the price. If there’s no space for another bed or bath, think about finishing the basement or upgrading some of the appliances to make the property more attractive to potential tenants.

Use similar properties in your neighborhood as your inspiration. These units are your competition, think about what you can add, or even take away, that would help you compete. Ask yourself what about your home is unique and in what ways does that affect your rentability? If every unit in your area has hardwoods, how can you make your carpeted home appealing? Maybe new carpet? Or is switching to hardwoods, or vinyl laminate that looks like wood, worth it?

Market it to future tenants

You need two things in your listing: 1) Great Photos 2) An Amazing Description

After you’ve perfected the property, it’s time to tell potential tenants that it’s available. Creating the listing is essential in drawing eyes on the unit so you can show it to as many people as possible.

Renters looking to move are quick to make their first impression of a property with thumbnail photos on a map. So, take lots of great, bright, photos of the entire place to showcase the amenities and show potential tenants what it looks like, then choose the best photo to be the first in the lineup. Remember to get the lighting is just right to show every corner of the listing. Dark photos scare tenants away, making them think the unit is dingy and dirty. Light and bright photos show a clean home that’s move-in ready. They can imagine themselves living there a lot easier than in dark and cramped looking units.

Next, they’ll read the description. This is again where other listings in your area can help you.

Read other listings to structure your description and to draw inspiration on what tenants might think is important. Find the selling points and emphasize those above the unique features, especially if those unique features are obvious in the photos.

 

Posted on December 25, 2019 at 10:44 pm
Rondi duPont | Category: For Buyers, For Sellers, Rental | Tagged , , , , , , , , , , , , , , , , , , , , ,

Wonderful Midtown Home!

3118 Placer Street is located on a large fenced lot with mature landscaping in Fort Collins. The main level has recently been painted and boasts new wood floors with wainscoting and crown molding. The updating continues with new carpet, newer furnace and water heater. The family room has a wood-burning fireplace to cozy up to in the winter. Separate living room and dining room are perfect to entertain friends and family. Don’t forget there is plenty of room for your camper! Call for your private showing at (970) 104-0123 for more information or click the link below for more details.

http://windermerenoco.com/listing/102017252

Posted on November 11, 2019 at 9:14 pm
Rondi duPont | Category: Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , ,

Exquisite Water Valley Ranch Home in Windsor!

Lovely 3 bed, 3 bath home at 172 Halibut Drive in Windsor has been updated throughout with lighting, tile, paint, new carpet & more! The open floor plan with high ceilings allows natural light to wash over the main level. Escape downstairs to relax in the large finished basement with a wet bar. Enjoy the evenings in the back yard under the covered patio. Call for your private showing at (970) 401-0123 for more information or click the link below for more details.

http://windermerenoco.com/listing/100470511

Posted on September 23, 2019 at 8:24 pm
Rondi duPont | Category: Virtual Tours, Windsor Real Estate | Tagged , , , , , , , , , , , , , , ,