8 Best Rental Property Improvements for Higher Rents

Рет қаралды 35,481

3 жыл бұрын

Rental property improvements can range from swapping out carpet for luxury vinyl flooring, all the way up to building out brand new bedrooms and bathrooms. But even if you aren’t an experienced contractor, there are still a few ways for you to boost your rents (and your property’s value) with some simple upgrades.
Lauren and Kyle talk through their eight favorite rental property upgrades and which ones can have the most bang for their buck. Not only does upgrading a rental property help you create real estate equity, it also helps you raise rents, get higher quality tenants, and stand out in a market where competition may be high. Make it a point to accurately calculate renovation costs and be sure that you aren’t “over-rehabbing” for your specific market.
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00:00 Get More Rental Bang for Your Buck
01:11 #1: Central Air
01:24 #2: Dishwashers
01:42 Item #3: On-Site Washer and Dryer
01:57 Item #4: Parking
02:16 #5: Additional Storage
02:57 Item #6: Exterior Appearance
03:25 Item #7: Smart Features
04:01 Item #8: Professional Photos

Пікірлер: 69

@wintercook2 2 жыл бұрын

Great show as always. I do most of these things in every unit I own. And I don't charge top of the market rents. My goal, when I cherry out a unit, is to get the very best tenants out of the available pool of potential tenants. As a bonus, I don't have to do much maintenance for a long time. It costs a bit more at first, but it pays in the long-run, and it's low-stress. I am a tradesman and I hire other quality trades people. I build each unit as I would want it to be if I lived there. We never say "it's just a rental."

@Allin1mom Жыл бұрын

Exactly. We just bought our first rental and people who are in this business keep telling me...don’t do much, it’s just a rental. But I said and asked....If I leave it like it is wouldn’t I be giving the renter the mentality that I don’t care about my property either?

@wintercook2 Жыл бұрын

@@Allin1mom I will never understand slumlords who don't maintain their own property. It seems high-stress, and they are throwing money away. The property will have to be maintained sooner or later. I've been doing this 11 years. I take a lot of time choosing my tenants, and I've really liked every one of them. The business has been good to me.

@doraexplores 3 жыл бұрын

Just added central AC ($4500) to a 1940's home, also took up the nasty carpet and placed LVT flooring throughout ($5500). Both upgrades are long lasting and worth every penny! Living with summer body sweat and gross carpet makes for unhappy people.

@gamesguy 3 жыл бұрын

Mini splits are almost as good if you don't have room to run the ductwork, usually cheaper too.

@WoodUCreate 3 жыл бұрын

@@gamesguy And can be DIY too since they're pre-charged. All you need to really make sure that's done properly is proper electric.

@RentalstoWealth 3 жыл бұрын

Great updates!

@greenknight8239 2 жыл бұрын

You guys are great! Great tips too. Especially the photography point 👍🏾

@CP-ok1gv 2 жыл бұрын

These are great tips!!!

@brentvance9090 3 жыл бұрын

Great list!

@richardjudge2322 2 жыл бұрын

Great advise, can't wait to do my first flip.

@barrymitchell7732 3 жыл бұрын

Storage shed will be on my list.

@ianhansberger7038 Жыл бұрын

great list!

@itstonivega3754 8 ай бұрын

🥰 Thank you! Thank you! Thank you! I'm in escrow buying a duplex & this was soooo informative. I loved your ideas. 🥰

@juliolara4324 Жыл бұрын

im actually adding central air to apts how much can i charge up when theres none around with it? \

@Woodshadow 2 жыл бұрын

That Central AC unit looks a lot like a Ductless unit which is what I would suggest installing for the price unless ducts are already there. I think it does depend on the state. I am not sure that the higher rents would outweigh the cost. Here you would be lucky if you could get $50 more a month and honestly where I live it isn't a selling point. it would take you years to recoup that.

@adamdeichert1686 3 жыл бұрын

Value-add in the Outdoor Living space…like a simple Fire Pit and/or Rock Wall (Terrace) to use for plants.

@travelwithingrid7608 3 жыл бұрын

Including appliances that require plumbing can be asking for trouble and possible water damages.

@WoodUCreate 3 жыл бұрын

Also, disposal units...asking for trouble, your sewer line gets clogged, your drains get clogged, they fail and first thing out of their mouths are "The disposal unit is dead". yeah because they're using it like a wood chipper.

@RentalstoWealth 3 жыл бұрын

@@WoodUCreate Yes! We ALWAYS take out the garbage disposal. Nothing but a headache.

@Josh-gi8ht 3 жыл бұрын

Washer/dryer hookups, yes. Actual appliances, no. Providing a washer and dryer is just one more appliance for tenants to mistreat and the make service calls to you about when they break it. Higher up front cost, more service calls, higher maintenance costs, no thank you.

@RentalstoWealth 3 жыл бұрын

All depends on the area! In some cities, washer and dryers provided by the landlord are standard.

@Josh-gi8ht 3 жыл бұрын

@@RentalstoWealth I get that some provide them, but in my experience it’s not worth it.

@Woodshadow 2 жыл бұрын

definitely market specific. I have never rented a place with no appliances where I am everyone has them but absolutely the most abused item that breaks the most often. I've found the cheapest oldest ones last the longest.

@mikeloker6908 2 жыл бұрын

YES! Even fixing an oven or refrigerator can cost 1-2 months cash flow. I felt like an idiot 6 months ago after I bought a used oven for $150 for a new unit I bought. The first month there was a $350 service charge on that oven :(. The cheap way bites you in the butt.

@wintercook2 2 жыл бұрын

I do this, too. Many landlords in my area don't even provide hookups. My tenants are very happy to get their own machines.

@claytonplummer9509 3 жыл бұрын

Good advice, but who still has a flip phone and actually takes photos with it? (from #8 take professional photos) ;-)

@RentalstoWealth 3 жыл бұрын

Haha you'd be surprised some photos we see on the MLS!

@barrymitchell7732 3 жыл бұрын

Keyless entry is important.

@WoodUCreate 3 жыл бұрын

Until the battery dies and they're calling you for it.

@RentalstoWealth 3 жыл бұрын

@@WoodUCreate It definitely is another thing to upkeep but we just tack it on with the switch of air filters in the hvac units.

@Woodshadow 2 жыл бұрын

Considering how cheap they are these days I can see investing in it but is it really that important? I have literally never lived in a unit with one or seen that many listed online. As far as reasons to rent I would rank this very low

@marthajean50 2 ай бұрын

@@WoodUCreate Get the mechanical kind. No batteries needed and no failures.

@PamelaaChu 11 ай бұрын

Good to know so you guys motivated me to buy my own property bc I’m tired of give my money to other mf to pay his property.

@jakemake3240 3 жыл бұрын

Not in evry area pepole can aford paying more even of you add upgraeds

@RentalstoWealth 3 жыл бұрын

Very true! Which is why it's important to know you area and not over renovate.

@loveablechelsa 3 ай бұрын

Unfortunately I’m stuck in the rent trap right now with how expensive everything is. None of the houses in my area that I could afford had dishwashers. I got around that by getting a full sized portable dishwasher. I saved up $1,000 for it but you can take it with you anywhere you move and landlords can’t price gouge for “luxuries” 😂

@marthajean50 2 ай бұрын

Now, that's a clever renter! 👍

@beinspired7854 2 жыл бұрын

So much value for FREE!!!!

@melhayes204 3 жыл бұрын

USB outlet?

@matthewcook6737 3 жыл бұрын

They make wall outlets that have standard plugs as well as a usb outlets now. You can get them at Home Depot or another hardware store.

@coreygrant5974 3 жыл бұрын

Super handy!

@melhayes204 3 жыл бұрын

@@coreygrant5974 like a usb outlet in the wall?

@adamdeichert1686 3 жыл бұрын

Yep

@melhayes204 3 жыл бұрын

@@adamdeichert1686 I need to look into that.

@sheilaarp6453 7 ай бұрын

I was told not to put washer and dryer let the tenants so they would be responsible if it burst and did damage

@marthajean50 2 ай бұрын

That's awful advice, IMO. For one thing, just get the hoses that have the braided covering on them. Those can't burst. And people need washers and dryers, so if they're not in the unit already, you're not going to get as much rent. And the quality of the tenants you get and what they pay will be a reflection of that kind of lazy outlook. Quality offerings produce quality tenants. Cheap, lazy offerings that result from not caring will bring you cheap, lazy tenants who don't care right back. Just my take on it.

@AllIsWellaus Жыл бұрын

Because rental prices aren't high enough?

@operationlull3742 Жыл бұрын

@Cristian Leal it’s a good way to watch how parasites feed off the working class with the help of their state thugs who regulate people out of their own homes. Again pray that you’re never in the middle of a revolution. Tenants will show you the same mercy you showed them.

@mcUSA94 5 ай бұрын

Buy a house then.

@marthajean50 2 ай бұрын

@@mcUSA94 Yep. Seeeeeeven percent...any takers? It's not the small, independent long-term rental landlords driving the mess, is it?

@WLNUTS Жыл бұрын

Vile

@drumbum7999 Жыл бұрын

lol right? such a scumbag title and video premise.

@barrymitchell7732 3 жыл бұрын

Dishwasher are trouble. Unnecessary.

@brentvance9090 3 жыл бұрын

I'm currently renting and a dishwasher is mandatory for me. As a property owner, most tenants want a dishwasher too, and not having one will reduce your prospective tenant pool.

@barrymitchell7732 3 жыл бұрын

@@brentvance9090 In Hawaii. People don't use a dishwasher. Renter or owner. I'm currently living in a newly built house. It doesn't have a dishwasher. None of my rentals have a dishwasher. The FIRE STATION doesn't have a dishwasher. U getting the point yet ? Wash dishes or use paper plates.

@WoodUCreate 3 жыл бұрын

@@barrymitchell7732 I don't think the other 49 states fits your model.

@barrymitchell7732 3 жыл бұрын

What about fun ? Like buying someone house that u don't like. So u can kick them out. Thats really fun.

@Youtube_ban_me 8 ай бұрын

this dude mumbles like crazy lmao

@powerscourt182 3 жыл бұрын

It’s hard to take advice from a dude with his ball cap turned around backwards that’s not very professional.

@danielgiusti6649 3 жыл бұрын

@Cool Dude - Kyle knows what he’s doing, the guy can rehab an entire house solo if he wanted too. Don’t judge, be grateful to learn. Him and his wife are very experienced and good wholesome people.

@JimBachert 3 жыл бұрын

I guess that also means Mark Zuckerberg isn't worth 127 billion because he wears a hoodie, t-shirt, and jeans.

@wintercook2 2 жыл бұрын

His advice is money in my pocket, thank you.

@marthajean50 2 ай бұрын

@@jmckinney90 Go through life thinking like that and you'll be getting the short end of the stick.

@operationlull3742 Жыл бұрын

You people better pray that you never see a revolution and are at the mercy of the people. Remind me to buy popcorn for your trial in accordance to do process and the subsequent death sentence to be televised while Dead Kennedys “let’s lynch the landlord plays in the background