Turnkey Remote Rentals: What to look for?

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Newer investor asks, you know, what are some things that I look at when I look at, you know, help people get some turnkey rentals or getting started, I wrote a few here to new roof and new h vac. We also like to try and get this sewer inspection line done. And then of course, a lot of safety issues that are kind of easy to fight on those inspection reports. In the E course, we have some videos where I walk through inspection reports and kind of notate what we’re going to ask for we shoot that email over asking for a little bit of a seller concession. And it’s important to ask like reasonable things such as safety, right, like electric outlets, not polarized or broken window or something like that. But you lose a lot of reputation when you start asking for really stupid things like oh, this step is not exactly level with the other stuff and it’s out in the back porch. I don’t really have any opinion. On basements, sometimes it can be just have to check if the square footage is counting that basement or if it’s considered another bedroom because you can’t just go off of the spec sheet of how many bedrooms it is. And with a lot of these turnkey commodities, the number of bedrooms is a big factor. For example in Birmingham you know if you have a three bedroom, two bath you’re probably going to be looking at anywhere from 800 to 1200. But if you get that fourth bedroom in there, now you can bump that up another couple hundred bucks either way and a lot of that is especially due to like if you have section eight, those coupons are are usually you know, lined up where they can get their coupon goes up and down. How much the government covers based on how many bedrooms is a big determining factor and not really the square footage and you know, with the bathrooms I would say it’s an extra perk but you know, having us two and a half three bathrooms doesn’t really impact the rent prices being brought in. I would say if you’re trying to sell the property You probably don’t want to have a one bathroom in there like a three bedroom, one bath. This is just somebody who wants to live there as a primary residence and really take exception to that you can’t have a family really with one bathroom. You know as you get more bathrooms is more and more things to break, more toilets get clogged more more things for you to fix, prefer all electric, no gas, something. Another thing to think about is section eight tenants. They don’t like a separate gas bill, they’d rather just pay one bill with electric and a lot of that has to do with section eight tenants don’t have the best credit and a lot of these service providers will need them to run their credit to get it in some lower end properties like C and D class apartments. It can be an added service to have the owner Austin in that example, to pay the utility bill on their behalf and sub charge them a little bit more than what it normally is. Just So that we’re covered because the tenants they can’t get a electric account in their name or they might have to put down a bigger down payment, which they don’t have. So it’s all about figuring out who your customers which could be a Class D or C tenant in that case and figuring out what they want.

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