The time has come. You have researched all of your options and have ultimately decided to invest in rental properties. You analyze the markets and consider locations and management companies. You think you’re ready to pull the trigger.
Before you do, though, you should consider one other major facet of rental property investment: the rehab. The work that goes into a property before you buy it goes a long way in determining the success of your purchase.
What makes a Memphis CashFlow rental investment property stand out above the rest? The care we take in our rehabs, and the fact that the work is already done for you once you purchase a property! We believe in the following philosophies; they are our guidelines to give our investors the best purchase experience possible.
READ MORE: What is a Turnkey Property?
1. Durable Flooring
It is our goal to install durable flooring options in as many of our houses as possible, preferably either solid wood or LVT (luxury vinyl tile). Hardwood is always going to be our preference, but if for whatever reason we do not have the option of solid wood, then we select LVT.
WHAT IS LUXURY VINYL TILE?
A relatively new product, luxury vinyl tile doesn’t chip, crack or warp. It floats above the subfloor and creates an impenetrable seal, making water damage virtually impossible. Even better, the investor won’t have to replace it constantly between tenants, which is often the case with carpet. If for some reason a portion of the floor needs to be removed for repairs, only the directly affected area needs to be taken out and can easily be replaced.
We also make it a priority to place ceramic tile in all wet areas. Ceramic tile is more durable and certainly more attractive than linoleum, and is kept clean far more easily than other floor options.
2. Upgraded Fixtures
Upgraded fixtures can truly make a difference in the overall appearance of a home as well as in how much you can charge renters. A light fixture or new sink handle can add charm or character in no time at all. It is also far easier to rent a property to a tenant when the house’s fixtures have been updated. With fresh new lights, fans and plumbing fixtures, any property can be made to look like new.
3. Upgrading Major Systems
When Memphis CashFlow rehabs a property, if the furnace, A/C or water heater has been in use for more than ten years, we replace it immediately. If the roof has issues, we’ll replace it with a brand new one. These investments on the front end significantly cut down on our investors’ exposure to capital expenditures and offer stability and reassurance to both the renters and the owner.
READ MORE: The Memphis Real Estate Market
4. Curb Appeal
Curb appeal is a phrase that gets thrown around a lot on HGTV and TLC, but the reality is it can significantly change a home’s aesthetic. As an investor, you’ll want to consider ways to add curb appeal to a rental home, since properties that have curb appeal rent faster and to higher quality tenants.
All of Memphis CashFlow’s properties receive new sod if necessary, along with landscaping and greenery updates. We trim any problematic trees, repaint and pressure wash the exteriors, and replace any rotten wood.
Memphis Rental Investment Properties
Whether you are located in Memphis or Madrid, Memphis CashFlow can help you find the perfect rental investment property to fit your time and budget. We'll take care of all of the hard work for you, including the rehab and property management, so you can sit back and relax while reaping the benefits of investing in a rental property. Click the button below to view a list of Memphis real estate investment properties for sale.