Many times when I see new investors buy investment properties, I see some oversights that turn a positive deal into negative. One of these ways is by overpaying for the rehab of a property. I have a couple pieces of advice that I've picked up along the way in my investing and rehabbing here in the Charlotte NC Investment Market. I recently shared these during my speech to the Robert Kiyosaki-Russ Whitney Group and it reminded me to share them here:
Carpet-CHEAP Carpet, Thickest Padding...again: CHEAP Carpet and the Thickest Padding. You will be amazed at what tenants can do to carpet in a short amount of time, it literally defies physics. The thicker your padding, the more it will absorb the "blows and weight" that your tenants will place on it and this will prolong your carpet AND MORE IMPORTANTLY prolong your wallet.
Paint-My advice here is to always use the same "model" and "paint number". This is so that you can always go to ANY of your investments to paint, touchup, etc and never worry about "now what color do I have at 123 Main Street...is that where I have the off-white or is that where I have the yellow?" These questions don't arise because you have the SAME paint in all your properties and this enables you to act quickly.
Well, good luck with these tips and with your investing. As always, please visit our site for more information: Www.CarolinaInvestmentProperty.com for more tips and properties and more.
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