Can you do this for me?
Yes. We charge from 5% to 10% over invoice to manage your rehab. We work with excellent crews that are fair in their rates and do the work at or below budget.
Can I do my own rehab?
Yes. Let us know when you are done. Most investors make the mistake of getting half way into this and then discover they are in over their head. Meanwhile, they lost valuable time in tenant placement.
Do you take credit cards?
Yes. All of the major ones.
Can I trust you to do a good job?
We will show you progress photos for the major rehab projects and you don't pay the balance until it is completed. We bring the property up to rentable standards - not Queen Elizabeth. If your standards are really high, we recommend that you do your own rehab. If you are nervous about this, please check our references.
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Get your estimates completed before you close.
The number one mistake local investors make is dilly dallying on repairs. They will spend weeks grinding vendors down to get the best price. These local investors will waste an entire month of vacancy trying to save $400. Limestone Investments is not in the rehab business and we provide rehabs as a courtesy to investors. We charge a little bit over invoice to manage the rehab. We could not care less if you want to manage the rehab yourself but please don't dilly dally!
Do not put earrings on a pig.
Essentially, you want your property clean, fresh and simple. Gutting a home and putting granite countertops in a rental is plain foolish. Paint, carpet, clean appliances, done. Focus on sturdy and simple. If you can afford it, put in tile floors in the kitchen and/or bathrooms, that kind of thing makes the property look nice and it's low maintenance.
Do not improve the back yard.
Remove the dog turds and rake it up. Done. If you have existing plants, make sure the irrigation works so that the remaining plants have a fighting chance to survive. If it has grass, just let it die, you don't have to remove it. The sun and wind will eventually sandblast the yard to its original state.
Improve the front yard.
Curb appeal improves your rentability and will make your neighbors really happy. Stick to plants that can survive a month without water. If you need suggestions, we will make them for you at the property.
Remove all source of odors.
Lets face it. Women will make the final decision on occupying your property. If a woman smells anything funky, she won't go past the entry. She won't even look at the upgraded master bath. If the carpet looks great but smells like an old casino, replace it.
No appliances are better than bad appliances.
The next thing a woman will look at is the appliances. If the oven is covered in grease and there is a gallon of milk left behind by your last tenant, you are done. You won't be able to give your property away. We recommend getting used appliances AFTER you have secured a tenant. Appliances only attract thieves while your property is vacant. You can also use appliances as a negotiating tool. We often just offer a $150 credit towards the purchase of whatever appliance the tenant wants. This will save you headache from managing the delivery and the lady of the house will get what she really wants.
Keep the property clean and free of debris.
All it takes is one rebel dead cockroach in the middle of the kitchen floor to kill off a prospective tenant. A thorough cleaning of your property costs as little as $200 and you will move your property 3 weeks faster. The investment is worth it. A property with weeds is an invitation for thieves, kids and all kinds of people that you don't want lurking around.
Make the place look inhabited and secure the gates.
A $5 radio in the garage makes enough noise to keep the majority of folks from sneaking around your property. A $10 floor lamp and a $5 timer that goes off and on all night long is an added touch. Putting a $5 lock on the gate will reduce the chances of your Air Conditioner walking away in the middle of the night. If your property is located in a D, E or F neighborhood, it is recommend that you invest in a $375 air conditioner cage unless your AC is on the roof.