All Homes Should Have These Features

CHAPTER ONE

1. MINIMUM OF 3 BEDROOMSLess than three bedrooms is good only for apartments. There are

many advantages to having a third bedroom: Larger families need

this space, use for storage, as a bonus room, or use as an

office.

Many more people are working from home than ever before. This

extra room is one of the reason apartment dwellers move to a

home – more space, storage, and added privacy.

2. MINIMUM OF 2 BATHROOMSEven single couples like having their own bathrooms. Only one

bathroom for a cheaper rental is probably okay. However,

remember to think “EXIT” when buying.

See EXIT STRATEGIES in Chapter 10.

3. A GARAGEAll garages should have an automatic door opener. Single women

arriving home from work in the wintertime feel more secure and,

face it, everyone hates getting wet in the rain while opening a

garage door.

4. STUCCO, BRICK, OR OTHER EXTERIOR SURFACE DEPENDING ON CLIMATE

Wood is very attractive, but is high maintenance. In Atlanta,

Georgia, homeowners encountered issues with a certain type of

stucco that was not conducive to the humid weather. There are

many different siding products available that are low in

maintenance.

5. LOCATED WITH SIMILAR PROPERTIES IN A NEIGHBORHOOD

Your house should be located among comparables.

SIDEBAR

Don’t over-improve a property to later flip or rent. We can all

renovate a house and have it come out looking like the Taj

Mahal, but that will not put the most profit in your pocket.

However,you shouldn’t cut corners or hide defects in a house.

Avoid allowing the house to look like a rental, or the neighbors

may turn on you.

It is best to establish a relationship with the neighbors. Most

caring tenants don’t want to rent a house that looks like a

rental. At the same time, if you’re renovating a $200,000 house,

you do not want to install marble floors, Corian countertops, or

other expensive additions. Focus on kitchen and baths. Spend all

of your extra rehab money on these rooms, because these are the

rooms that will sell your house; either as a rental or residence.

Cleaning and painting can produce amazing results to change the

appearance of a house. Remember, make it nice and offer a

quality product, but at the same time, keep in mind that you are

not going to live there. The people who buy the house are most

likely going to make changes anyway.

Some rehab ideas being done are tile floors or simulated wood

floors avoiding carpet in high traffic areas. Renters as a rule

don’t maintain carpet the way they should. It costs more up

front,for non-carpet flooring, but it is cheaper in the long run

avoiding replacement more often than normal carpet life.

REMEMBER THIS RULE:IMPROVE A HOUSE TO THE STANDARDS OF THE NEIGHBORING HOUSES. DON’T OVER-IMPROVE AS YOUR VALUE WILL BE INFLUENCED MORE BY THE NEIGHBORS’ HOME VALUES THAN YOUR IMPROVEMENTS.

6. A GREAT ROOM OR LIVING ROOM AND FAMILY ROOM/DEN

Having only a living room is probably okay for a cheaper rental.

7. LAUNDRY ROOM AND STORAGE AREAS (closets)

8. A MINIMUM OR 1200 SQ FT for a rental - 1500 SQ FT WOULD

BE BETTER FOR A RESIDENCE – AVOID ANYTHING 1000 FT OR LESS FOR A

RENTAL (IF A THREE BEDROOM); OTHERWISE THE BEDROOMS BECOME THE

SIZE OF CLOSETS. Your focus should be in the medium price range

–avoid low end properties and high end properties for both

rentals and entry level residences.

9. TILE ROOFS

For a residence and rentals tile roofs are preferable; however a

composition roof is okay for a rental. Avoid wood shake roofs –

these have to be replaced and the process is expensive.

10. OUTDOOR SPACE SHOULD INCLUDE PATIO/DECK OR BBQ AREA AND SOME LANDSCAPING

SIDEBAR

Avoid wood decks. (High Maintenance) There are simulated wood

products for decks; also consider brick, stone or a concrete

slab.

You may be thinking, “Why all the rules?” The answer to this

question is that rentals must be treated as a business. Lacking

this attitude is a failing of many owners. You will be competing

with hundreds of rentals. Only the best product at the best

price is going to succeed. Renters think differently than

buyers. They usually don’t care about granite countertops or

stainless steel appliances. Their “wants” are in this order:

1. RENT AMOUNT2. BEDROOMS3. SQUARE FOOTAGE4. LOCATION schools, close to work4. SAFE NEIGBORHOODS5. PETS OKAY

Buyers want some of these things too, but their list of “wants”

includes more high-end features and upgrades.

SEE CHAPTER FIVE – COMPETING WITH APARTMENTS

11. CLOSE TO SCHOOLS AND PARKS

However, not next to them because parks at night may attract

illegal activity. Read about Schools in Chapter Two paragraph 5.

CLICK X UPPER RIGHT HAND CORNER AND YOU WILL BE BACK TO SIGN UP TO RESERVE YOUR COPY