it right and to use quality material.
3) Dig for Interior Treasure
If you're looking at an investment property that's priced below market, chances are it's because the previous owner failed to care for it. Turning around a property that hasn't been cared for can takeample cleaning, fixing, and painting, and may take time, but it will be worth it.Here are some quick and easy things that you can do during the inspection process to determinewhether the property is hiding a few "gems" that might give the interiors of the rental income property a fresh and more expensive look.Look under the carpet for hardwood floors, tile, or marble. These may be much easier to bring back to their natural state than replacing the carpet, and can add value. While you're at it, also look for rotten floorboards, termite damage, and worst of all, asbestos. The key is to know what you aredealing with in all eventualities, and if a problem is encountered, you can get an estimate on what itwill cost to deal with it, or walk away from the deal by using one of the outs in the purchasecontract.Check under the paint on doorplates, hardware, and railings. Countless brass fixtures and other brass items have been discovered in older properties under blankets of paint that you wouldn't beable to replace today for less than a fortune.Tap on the doors and walls to see whether they're solid. Solid wood doors in good shape can berestored and add value to a neglected building. Solid-sounding walls might indicate block or heavy plaster, which are more costly building materials than cheap wallboard, and therein capable of adding value to the real estate. Plus, these better-quality features are sure to provide you with goodmarketing copy later.
4) Exhibit Pride of Ownership
Any owner making an effort to maintain a property in top condition and shape is an owner exhibiting pride of ownership. Thus giving the impression that the property was purchased to be"owned" and not for a fast turnover, and in turn making the most positive statement to tenants andfuture buyers. Moreover, how a landlord maintains his rental property becomes public knowledgein a short period within small communities, and even in larger cities, eventually becomes knowninside real estate circles.
About The Author
James R. Kobzeff is the developer of ProAPOD® - superior real estate investment software since2000. Do you want to work with rental property? Create complete and professional cash flow, rateof return, and profitability analysis presentations in minutes! See it at =>
©2008 James R Kobzeff. All rights reserved.