We closed on our latest rental at the end of October. We are excited about this project, this is a nice house that is newer then our typical inventory. It’s just over 1,200 sq ft, a 3 bedroom, 2 bathroom built in 1990. This property is in a Home Owners Association which we don’t really like, but we can’t do anything about that. Essentially, all they provide is a gate to the neighborhood.
The rehab is going to be very basic. A new garage door, paint, kitchen counter-tops, appliances, carpet and some bathroom upgrades is what we are planning to upgrade. The rehab process should only take 10 to 14 days.
This is our fifth rental house: the first one is rented, the second one we have a couple rental applications in and are running credit reports, and the other three are all somewhere in the repair process. Dealing with tenants is a new thing for me, it is hard to decide what attributes are desirable, we are trying to focus on income and length of stay in previous residents. It seems like most of the renters have been foreclosed on or their current landlord is getting foreclosed on.