Planning, Planning
I'm starting to feel more comfortable with all of this. I collected my first rent from the upstairs tennants and that was a good thing.
I've also been scanning the "rental help sites" - like http://www.scottmcgillivray.com/ on some of the basics. I've already got a few contractors lined up through my real estate connections to start some of the cleanup - painting, bathroom, and kitchen work that needs to be done. I'll have to do some of it myself but there are a number of things that are going to take some extra hands/tools/expertise that I don't have. And I want to get this ready for the market by next month.
So I've compiled a list of "must do" fixes to ready this unit for new tennants. Next step is to begin the hunt for materials - flooring, bathroom fixtures, light fixtures, kitchen cabinetry etc. Craigslist has been helpful but I am finding that outlets specializing in construction material overstock is probably a better way to go at this as they often offer free delivery and don't require driving all over Chicagoland to see some thing you may not be interested in. HOBO http://www.hoboonline.com has alot of great stuff at great prices, but you can do better. I am going to need some decent laminate flooring for a couple of rooms. HOBO has a ton of it - all over $1 per square foot - but I was able to find better quality at Lumber Liquidators http://www.LumberLiquidators.com for $0.69. Nice. Gotta be a bargain hunter :)
And as luck would have it, there is a discount appliance shop two blocks away. They deliver too:)
Using the site http://www.hotpads.com for location "West Town, Chicago" has given me a great idea of rental rates in the specific market I am working in, so not only can I see what the rents are, but there are also pictures of competitive units in the near proximity, so I know what I need to shoot for to get the kind of rent (and renters) I am targeting.
I've also been scanning the "rental help sites" - like http://www.scottmcgillivray.com/ on some of the basics. I've already got a few contractors lined up through my real estate connections to start some of the cleanup - painting, bathroom, and kitchen work that needs to be done. I'll have to do some of it myself but there are a number of things that are going to take some extra hands/tools/expertise that I don't have. And I want to get this ready for the market by next month.
So I've compiled a list of "must do" fixes to ready this unit for new tennants. Next step is to begin the hunt for materials - flooring, bathroom fixtures, light fixtures, kitchen cabinetry etc. Craigslist has been helpful but I am finding that outlets specializing in construction material overstock is probably a better way to go at this as they often offer free delivery and don't require driving all over Chicagoland to see some thing you may not be interested in. HOBO http://www.hoboonline.com has alot of great stuff at great prices, but you can do better. I am going to need some decent laminate flooring for a couple of rooms. HOBO has a ton of it - all over $1 per square foot - but I was able to find better quality at Lumber Liquidators http://www.LumberLiquidators.com for $0.69. Nice. Gotta be a bargain hunter :)
And as luck would have it, there is a discount appliance shop two blocks away. They deliver too:)
Using the site http://www.hotpads.com for location "West Town, Chicago" has given me a great idea of rental rates in the specific market I am working in, so not only can I see what the rents are, but there are also pictures of competitive units in the near proximity, so I know what I need to shoot for to get the kind of rent (and renters) I am targeting.
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