Ashley's Rental Flip
Our assistant Ashley Bengtsson has started building a rental empire and recently purchased her second investment property in The Peninsula off Clements Ferry Road. The house needed some serious TLC before Ashley could market it to potential tenants!
Knowing this would be a long term investment, Ashley wasn’t afraid to invest the capital up front to do the renovations right the first time. Making improvements and repairs before your first tenant moves in brings such peace of mind. You can minimize unexpected repairs, choose durable finishes, know that your tenant is living in a comfortable home, and capture top dollar with a highly marketable move-in-ready rental!
This home needed a full facelift, but not major repairs, luckily. Which means Ashley got to do the fun stuff! Work began the day of closing with all carpet, countertops, and light fixtures removed. First our painter, Bobby Judy of Judy’s Home Repairs, got to work making drywall repairs and repainting the entire interior. Meanwhile, The Granite Guys, worked to replace the countertops and sinks in the kitchen and bathrooms with a new neutral quartz countertop. Our glass guy Darrell McKinley with A-1 Glass was able to quickly replace some damaged windows and repair the sliding back door so all were fully operational. Outside, the landscaping was cut back and away from the house, new plants were planted and the whole house got a good pressure washing. Lastly, new waterproof laminate flooring was installed throughout the home. With brand new appliances, fresh paint, durable countertops and flooring, Ashley can anticipate inexpensive transitions when she turns over a tenant.
Of all the renovations, Ashley said the lighting made the most drastic improvement. “The house before was dark and dirty, so of course, when that fresh coat of paint and new flooring was installed, I was over the moon. But then when we turned on the new lights, it breathed fresh air into the house and highlighted all of the other updates that were made. I couldn't stop smiling!,” she shared.
To make the house a showstopper for potential tenants looking online, Ashley decided to spend a little extra to have the home professionally staged and photographed. She says the staging was the biggest bang for the buck. “After all the hard work the contractors put in, the staging set everything off and made the house a place someone could see themselves making a home. It also makes the house stand out when I'm marketing it to potential renters. They urgently wanted a foot in the door, and I was able to rent the house instantly.”
She will be able to reuse these photos each time she needs to list the home for rent - definitely worth the investment! After only 2 weeks of renovations, Ashley was ready to list the rental and got a tenant who agreed to a full price, two year lease after only 2 days on the market!
As with any renovation project, there are always lessons learned. Here are Ashley’s three biggest takeaways:
A lesson I learned from B.V. is to budget 30% more than you think....I had that tidbit in my back pocket when I started and she was exactly right. I'm so glad I knew because I built that contingency into my budget and was right on the money in the end.
Plan ahead so you meet your deadline! I started getting vendors scheduled for painting, flooring, windows and countertop installation the day after the inspection, which enabled them to start the day after closing, and we completed the project in 2 weeks!
Communicate clearly with your vendors. Ask their advice and trust the experts around you. Our team has great vendors, and I leaned on them for advice on materials, timelines, and finishes. If you have a home project, remember our team is a great resource to start with. We have vendors we use often and trust to share with you!
Interested in purchasing investment property? Our team has hands-on experience with acquisition, renovation, marketing, tenant selection and property management. We are happy to share and provide guidance to anyone looking to take on a rental property.
