The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Thursday, August 25, 2005

Having trouble making up your mind, ask an expert!

I was talking with one of REI buddies and he offered to come over and do an "rehab" analysis with me. I consider him an expert, he's been doing this for several years owning four plexes and duplexes.

The key things that he was saying was:

1) He was expecting me to turn these units over quick.. He was talking days, not weeks.. He's going to push my comfort level for sure!

2) He suggested carpet in the bed rooms and tile everywhere else.

3) He suggested putting out my rental sign soon.

4) He said he would try and get tenants in on the first of October which would allow for an extra $1875 to go to my pocket since my first mortgage payment is not due to Nov 1st. Great idea! However, if I have to pay more than $2000 dollars in labor to make it happen, it may not be the best choice. I have to mull it over.

5) He said the common mistake for landlords is not lining things up quickly. He feels putting out the rental sign after closing is losing several weeks!
|| Bginvestor, 6:25 PM

2 Comments:

Well, I personally would at least wait until you've closed on the property. Lord knows when that'll be. I've had properties that appeared to be cut and dry from the start, but ended up taking four months to close! Also, you'll be getting calls and won't have anything to show perspective tenants. You could start advertising when you begin the rehab, though.
Blogger Trisha#1, at 7:48 AM  
Good point, if its a strong rental market, it won't matter either way..
Blogger Bginvestor, at 11:32 AM  

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