02/09/2024
When conducting a property walk-through, it is crucial for ladies to always bring someone along. If that is not possible, at least inform two people of your whereabouts and ensure that your phone location is turned on. Throughout my extensive 24 years of experience, I have been fortunate enough to have never encountered any major issues (thank God), but it is still essential to remain vigilant.
Regarding this particular walkthrough, the property turned out to be quite decent, as mentioned in the video. Although it was very cluttered, I've seen worse. Over time, you learn to navigate through distressed situations without being overly bothered. Cosmetic work is the main requirement for this property. The exterior needs a fresh coat of paint and the yard requires cleanup. Inside, new carpeting, the removal of popcorn ceilings, and a nice interior paint job, would be essential. Additionally, all fixtures need to be replaced, new countertops are needed in the restrooms/kitchen, and new interior doors throughout the property. It's worth noting that the video didn't show it, but we did check the A/C, electrical, plumbing, and water heater, which were all in good condition.
Since this property is intended for rental purposes, I'll be using mid-grade materials for the finishing touches. However, if I were selling it, I would opt for higher-grade materials, replace all the cabinets, and upgrade the flooring throughout, to make the home appear brand new and more appealing to retail buyers, thus maximizing its value. I anticipate completing this project within 2 to 3 weeks, so the property will be ready for rent within 30 days. Given the desirable rental area and the positive rental comparisons in the vicinity, I'm confident it will be rented out within a couple of weeks.
Ladies! If you're not confident in assessing repairs and their costs, fear not! I'm here to show you how to easily obtain free estimates from local contractors. I also have a formula that I personally use that will give you rough estimates. Keep in mind that it is imperative to have experienced trades to give you estimates before you move forward with the purchase, if you are a new investor. Over time, you'll become more familiar with cost estimates as you accompany contractors on property walk-throughs. You might even have contractors in your family or connections who are well-versed in repair costs and eager to assist you in this aspect of your real estate investing, journey.
**** Update: I finalized the purchase of this property in late December, due to some title issues. In consideration of the holiday season, I granted the seller a leaseback until January 25th. This extra time was necessary as the seller had a significant amount of belongings to remove from the house. Message me for updates on this project and others, tips, industry information, free Live training sessions and more vital information on real estate investing for women.****