Investing in your investment property
I'm a big proponent of having good quality features in a rental unit. I've said multiple times, less is more. You don't need high end on a rental. Your basic Glacial Bay at Home Depot for instance is a great quality product. You're not spending an arm & a leg, you're able to keep costs reasonable, and it often can take the use from tenants.
I've had a couple of investors who I've managed their properties insist on using granite countertops. They then worry the entire lease if it'll be damaged at any point. I have yet to see a rental NEED a granite countertop. It's also often a cost that shows no incremental increase in the asked rental rate.
The other double standard I've seen is where granite countertops are provided but all the appliances (including dish washer, washer, dryer) is all refurbished. Don't think tenants don't see this. You're sending the wrong message. Every. Time.
For appliances, I always recommend to never provide the washer & dryer. The tenants have some skin in the game when they provide their own. AND!! If they break down, THEY pay for it...not you! If they can't afford their own set, it's less wear & tear on your property (HWT, water lines, gas lines, etc).
I also recommend you never provide a dishwasher. It's guaranteed the tenant will never properly rinse off dishes that will cause leaks resulting in clogged water lines. AND dirty / soiled water WILL accumulate in the bottom of the dishwasher. When (not if) it breaks down multiple times (and boy does it!!), there is no incremental increase in rent by having the dishwasher included with the unit. I'd also eliminate the space that would encourage the tenant to provide their own...you will still have plumbing repair bills resulting from their improper usage. Guaranteed
You will always have turn costs, you will always need to clean the unit at the very least...no matter how clean a tenant left it
A unit (single famiily house, duplex with a garage, etc) that comes with a garage, tenants epect to be able to use it. If you're using it as storage for items not belonging on the property, you're asking them to pay for space they can't use
If your contractors are using on-site dumpsters to where its always overfilled OR they're using on site trash cans without emptying them prior to tenant move in, you're obviously not paying the contractor enough to properly dispose of the trash. I'd even argue you're not paying your contractor enough for the job as a whole. To that end, if your cutting costs financially with your contractor, I guarantee the contractor is taking shortcuts enough that there's significant breakdowns shortly after move in.
You need to move past the "whoa is me, this turn is killing me financially". If you refuse to put the needed money into a rental (on going maint, cap ex, turn costs), you will have difficulty getting the vacant filled AND the tenants will treat the property accordingly (creating MORE expenses then they would have otherwise)...costing you more money in the long run.
D & K Property Management Services
Karen Bostwick
(440) 590-5925
KarenMBostwick@yahoo.com
https://dkpropertymgmtsvcs.blogspot.com/
Broker License 2018002999
Bostwick Environmental Services, LLC
(216) 325-8505
Metro Pest Control
(216) 312-7702
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