BiggerPockets Reblog! View original article here!
This is part 1 of the series, “I’m not going to live there so I’m not going to pay for ______”
As new investors, and especially in low income neighborhoods, there is a mindset that some people suffer from. It’s the “I’m not going to live here” mindset. There can be times when it comes to spending money on a renovation where this is a perfectly valid mindset, but many times it can lead new investors to giving a subpar renovation, thus attracting subpar tenants.
Part 1 of the series focuses on giving it your all, even if you’re not going to spend a lot on that lower end rental property, to get the results you want in tenant quality. My advice is regardless of what neighborhood, don’t let this mindset enter into your thoughts: instead, always think of tenant experience, and maintaining the longevity of your asset.
7 Comments
Thank You Lisa,
My tenant selection is a direct reflection on me the landlord…
I have pics on my facebook on a property in Bartlesville we worked on, I
had the time of my life and we are working on that to happen again…
Thank You Again 🙂
Barney
Hello Lisa, welcome back! I hope you enjoyed your vacation. I was just
wondering if you could do a video on the extra cost of owning a home such
as insurance and taxes. How do you research and get an estimate of what
these fees will be before purchasing a home? I would like to pay for my
1st investment with cash but I want to be ready to pay the other expenses
that come with owning a home comfortably. Oh and what are your thoughts on
taking on such an investment if you are living abroad at the moment but
plan to settle down in the states in a few years?
Thank you in advance for your time and thoughts
Lisa this is what I’m going through right now video reply coming soon
I think you are absolutely correct!!
I totally agree with you. I love keeping my rental looking great. I also
charge the highest rents in the area and people don’t want to move. They
want to live in places I own. I like that.