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Ep002: 4 Ways to Ensure Your Property is Up to Neighborhood Standards
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In today's episode of the Landlord Profitability Playbook podcast, Laci and I give you a step-by-step guide to ensure your property is hitting the neighborhood standard without overshooting.We speak about grasping the nitty-gritty of the rental market, including how to pinpoint the rental rates that are just right for your neighborhood.Tune in for insights and strategies you've never heard of before, guaranteed to maximize your returns in the property investment game.
SHOW HIGHLIGHTS
Neighborhood standards play a crucial role in property investments. It's important to ensure that your property meets, but doesn't exceed, the neighborhood standards.
Building a partnership with your realtor is key to understanding the list price, the all-in investment cost, and the cost of getting the property rent-ready.
Understanding the rental market, including appropriate rental rates for your neighborhood, is vital. Avoid overpaying for a property that doesn't match neighborhood standards.
When rehabbing a property, focus on ensuring it is safe and secure for tenants, and meets neighborhood standards.
Deferred maintenance and necessary upgrades are crucial for optimizing investment returns. You should also consider the costs of materials like vinyl siding, roofing, and flooring.
The all-in investment cost isn't just about the list price or closing cost, but also includes the cost of getting the property rent-ready.
Even if a property has more bedrooms than the neighborhood standard, you cannot expect to get extra rent to justify your purchase.
If you buy a property that's enough to the standard, you can expect to take less rent, but if the house you buy is ahead of the standard, you cannot expect to get a commensurate extra amount of rent.
Maintaining the property over a long period, even with a long-term tenant, is beneficial as it can save you from a huge bill when the tenant leaves.
Having a system in place, whether in-house or outsourced to a property management company, to maintain the property can help to maximize real estate investment success.
LINKS
Be a guest on the Landlord Profitability Playbook Podcast
TRANSCRIPT
(AI transcript provided as supporting material and may contain errors)
P.S. Searching for your next investment property? Every week, we comb through the latest MLS listings, hunting for investment opportunities that meet our rigorous criteria and present you with ROOST "Best Bets" for Real Estate Investors.
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