What should you be thinking about if you're transitioning your primary home into an investment rental property? There are three things you should do.
What should you think about doing if you’re transitioning your primary home into an investment rental property? I own quite a few investment rental properties and everything I’m going to tell you is from my own personal experience. There are three things that I take out of every rental investment property. The reason why I take them out is that they have the most likelihood of breaking.
The first thing that I remove from investment properties is the kitchen garbage disposal. The problem with the disposal is that everything gets thrown into it, and when things get thrown into it, it ends up getting jammed, it leaks, or it malfunctions. In fact, it’s the No. 1 thing in the kitchen likely to break down. Removing it from your rental property entirely will help you avoid those late night calls or early morning calls from your tenants
The second thing I typically remove from my rental properties are bedroom ceiling fans. Don’t get me wrong, I love ceiling fans. They keep us cool and keep our energy costs down, but in the bedroom, the ceiling fan is the most likely item to break. I always advise my clients that are transitioning from their primary property to their rental property to take those ceiling fans out.
The third thing I remove is the screen door. The screen door often tends to get the most abuse and is subject to the most wear and tear. There are so many factors that damage the screen door, it’s easier to take it out.
“Removing the items most likely to break will not bring the value down on your investment property.”
Removing the items most likely to break will not bring the value down on your investment property. Taking these three items out will not make the tenants less likely to want to rent the property, either- that’s not even on their checklist. When looking at a rental property, tenants are looking at the exterior, the cosmetic things, the flooring and the kitchen.
If you’re thinking about transitioning your primary residence, we can help you get closer to achieving your goals by offering you advice and/or assistance. If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
