Cosmetics Done!

I got the cosmetics all done on my rehab today. It's looking pretty good if I do say so myself. Tomorrow, I will be working on the mechanical work that needs to be done. I will install a new electric water heater; a new drain line for the bathroom sink; and the electric for new baseboard heat.

It might seem strange to do the cosmetic work first, but the reason I did that was because people don't notice a missing water heater, especially in a basement they don't have access to. They also don't notice that there is no heat in the house. However, what they do notice is new carpet, fresh paint, and new trim. Doing those cosmetics allowed me to rent the unit for May and THAT IS IMPORTANT!

The rental market has really heated up. That's a good thing because last year was the worst rental year in 15 years, according to long time landlords in our area. There has been tremendous demand for rentals this past couple of weeks and we should have a lot of move-ins at the beginning of May. I sent in paperwork to Section 8 for another unit today.

First thing in the morning, I've got to print a rent-roll and a combined cash flow analysis to drop off at the bank that is doing the loan on the 2 rental houses I'm buying. I showed one of those houses today to a prospective tenant and am hoping to have at least one of them rented for May (before I even own it). It's a great time to be in the rental business!