Our journey into the world of rental properties began with an exciting find—a property ideal for both rental and flipping. After careful consideration, including a thorough house inspection and evaluating external economic factors, we decided to venture into rental with this property. Remarkably, it aligned perfectly with the 1% rule for rentals, making it a particularly sensible choice for us.
The property’s condition was so good that it required minimal work. We didn’t need to repaint the interior; only the exterior received a fresh coat of paint, along with minor fixes to meet occupancy inspection standards and prepare for tenants.
A key strategy that proved highly effective was staging the house for an open house, even as a rental. This approach generated immense interest, leading to over 100 inquiries and 50 applications in a short time. This abundance of options made it easier to select a suitable tenant, illustrating the power of strategic presentation in rental properties. This experience not only expanded our portfolio but also reinforced the potential of well-planned investments in the dynamic real estate market.
Purchase Price: $125,000
Reno Budget: $1000
Rental Price: $1500/month
Days on Market: 3 days
