On renovation

Discussion in 'Landlord & Rental Property Questions' started by dianethare, Jun 4, 2014.

  1. thestoryteller1

    thestoryteller1 Member

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    I am not sure the condition that place is in, but check if you can make some of the renovations yourself. Yes, you may not be able to afford all materials as you wish, but get creative, and see what you can do with as little money as possible. For simple example, though this may not be your first task- for cleaning windows you might have to buy cleaning spray or something. On the other hand you can use vinegar that you (may) already have in your kitchen- and it really cleans better then chemicals.
    Also, have you thought about summer rentals or temporary ones? For example, I have spend summers working away in another place, and I was ready to live in any half-decent place as long as I pay less rent, since I was there to make the most amount of money possible for my education, as well as the fact that I was working 2 jobs and constantly out of the place, so mostly I needed to have where to sleep and decent bathroom and that's it. So rent out for less as it is, just for temporary purposes. You can also, before that, spend few weeks to make the place as presentable as possible(again, it doesn't have to cost a lot, but every small change matters).
     
  2. Peninha

    Peninha Senior Investor

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    Banks are terrible and they are always turning down loans, if you have someone close to you willing to make the loan in the name of both that would be ideal, but if you don't possibly only in places where credit costs more.
     
  3. dianethare

    dianethare Senior Investor

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    Hey thestoryteller1, that's a great idea, a temporal rent out, i could ask my agent on the logistics of that, as for the renovations, it really needs manpower/hours but i 'm trying to piece in all the pieces of the puzzle together, am sure before the year closes, i 'll have a headstart.
     
  4. dianethare

    dianethare Senior Investor

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    ...and am glad they refused, some things are actual blessings in disguise, am about to make headway{renovation-wise}{fingers-crossed}....they can stay with their loan, plus loans are expensive...think interest :(
     

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