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Jonathan Cook and Bryan Jenkins explore successful strategies and pitfalls of investing in Real Estate. Bryan Jenkins is a Master Property Manager and the Principle Broker of AHI Properties which has offices in Birmingham, Huntsville, Mobile, and Montgomery AL and Oklahoma City, OK. With Expert Guests we cover all the ins and outs, associated with growing your wealth with Real Estate.
Episodes
Monday May 06, 2019
Episode 07: Understanding Scopes of Work on Investment Properties
Monday May 06, 2019
Monday May 06, 2019
In episode 7 of Profitable Powerhouse Podcast, learn how to get your 1% on the investment property you just bought. In episode 6 of Profitable Powerhouse Properties your hosts Jonathan Cook and Bryan Jenkins talk about how the market you choose to buy in affects your property and scope of work.
Episode Highlights:
- Why you might choose to buy a C-class property as your rental investment.
- It’s good to have an area where some of the homes are owner-occupied, especially in a C-class area.
- What it means when a general contractor talks about a package deal.
- How to give your property the “it” factor.
- Every rental market you’re looking at has a bottom and a top and you need to identify the investor ahead of time.
- Some necessary rehab scopes for properties on the bottom of the market.
- AHI recommends that their clients add deadbolts to a property if they don’t already exist.
- Color of the house makes a difference when renting to tenants - you want a consistent color throughout.
- It’s better to spend a little more up front than to have tenants who are upset with the house and how things work.
- The longer you can keep your tenant intact, the more profit you can experience.
- People form their opinions the moment they see the property whether in person or online.
- Adding some landscaping or gardening can up the “it” factor on your property.
- Learn some good choices for finish options and why it makes a difference to have updated finishes.
- How Luxury vinyl tiles look like hardwoods but for a fraction of the price.
- If you’re buying an old door frame with old hinges, pop on some new ones, it’s a minimal expense.
- All the little tweaks you do to you C property could bring it up to a C+.
- If a property already has something that’s kind of custom that’s something you may want to restore or highlight.
- You have to think about if you were buying a home to live in it, what would you be looking for?
- In today’s marketplace, people don’t want to come in and improve.
- Homes that aren’t held to a higher standard are going to get bypassed for the ones that are better and more of a blank slate.
- If a tenant has a great experience they’ll turn into more renewals.
Key Points:
- Buying a C-class property can be very profitable, you need to understand the community and scope of work.
- If the windows on rental are not operable that is a deal breaker for AHI, windows that don’t work are a safety issue.
- When you have a cheap rehab it’s easy to notice and says you didn’t have a plan going into it.
Tweetable Quotes:
- “Every rental market you’re looking at has a bottom and a top, you have to identify the investor on the front-end.” -Bryan
- “It’s our job to mitigate risk and reduce risk for owners.” -Bryan
- “A tenant needs to be able to envision their life in the rental house, and neutrals help accomplish that.” -Bryan
Resources Mentioned:
- Check out our website ahiproperties.com
- Check out Birmingham Insurance Group
- Start earning passive income with Roofstock.com
- Email Jonathan and Bryan at Podcast@AHIProperties.com
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