Are you planning on adding more rental properties to your portfolio in 2019? If so, there are several things you should be on the lookout for because if you know how to spot what another investor may classify as a “problem”, you could turn that problem into an opportunity.
The first thing that you want to be on the lookout for when buying a new rental property in the Central Valley or elsewhere in the United States is strange smells. A smelly property will drive away about 90% of other investors but the reality is that a smelly property is one of the easiest problems to fix.
During the process of searching for rental properties, you should always be on the lookout for hidden bedrooms.
These are generally spaces that are big enough to be converted into a bedroom but the former owner never went all the way to convert the space and they left it as a bonus room, loft, or empty space. Converting these spaces into bedrooms will take time and money but the potential return on investment is huge.
Ugly Countertops and Kitchen
Although nobody likes ugly countertops and kitchens, the reality is that kitchen cabinet can be sanded, refinished and repainted while ugly countertops can also be replaced with affordable alternatives like quartz.
Last of all, but most important, another thing that you should be on the lookout for when searching for a potential rental property is a leaky roof.
Many investors will run the other way when they spot a property that has a leaky roof but the reality is that if you replace the roof after buying it, you won’t have to worry about the roof for many years.
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