Investing in a fixer-upper can be a huge commitment. These vacated units can have significant problems that you need to repair before a person buys into your contract. Older apartments often face similar problems, and being aware of these will help you know what to fix early on. It’s time to renovate!
Common Damage You Might Find When Cleaning a Newly Vacated Unit: Holes in the Wall
Whether it be from a fist or furniture, you are likely to find at least one hole or bruise in an apartment’s walls. Smaller dents can easily be covered up and repaired, but bigger holes may cause you to spend a bit more than you were expecting. Consult a professional or teach yourself how to do it online.
If you are wondering what the cost will be if you hire a professional, most contractors ask for a total of about $150–$225 per hole. This factors in both the cost of the materials they need and their labor. Doing it yourself doesn’t cost nearly that much, but it takes some time.
Damaged carpet is another thing you should keep your eye on. Since carpets are fabric-based flooring, liquid damaged and tears can be common—especially if it’s older. On top of this, some landlords rarely replace damaged carpets making the rooms stink. This is not a recipe for an appealing apartment.
Deodorizers are more of a temporary fix for dealing with carpet smells. There are also ways to patch the carpet with the right tools. When all else fails, you may want to invest in an entirely new style of flooring if the current one is beyond repair.
Common Damage You Might Find When Cleaning a Newly Vacated Unit: Cracked Windows
Cracked windows are not only unattractive and sketchy but also waste energy. If you plan on having your renters pay for their own utilities, this looks to be a bad proposition. If the windows are drafty, you can fix them with better weatherstripping or by using a caulking gun. Cracked windows are another ordeal. You may want to temporarily apply masking tape or another adhesive to make sure the window doesn’t shatter while you think of a more permanent solution. While you can just replace the window, a less-expensive method asks you to create a mixture that can seal it back up entirely.
Following these three steps can help you get your adopted unit up and running. Remember that initial startup costs are always daunting, but the pay-off in getting new renters can be monumental and solidify customers in the future. Learning one of these new skills can benefit your life and keep you on your toes as a landlord, but hiring a contractor can ensure the job gets done quickly. It’s your choice!
Read this next for more tips: Common Rental Unit Repair Issues You’ll Need to Address
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
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