| dy"> | | | | important maintenance items are done right away |
| Mistake #1: Improving the wrong things | | | | while they are occupied, if possible. I have houses |
| I have spent time and money making | | | | that have had a short list of "want to do's" for |
| improvements that in the end did not add enough | | | | quite some time, but it's hard to justify doing |
| value to make it worthwhile. In retrospect, I had | | | | these when I can have the house rented again |
| to learn how my residents would live in my rental | | | | right away without doing them. As you can see, |
| houses before I knew what improvements made | | | | the decisions of what to do and when are flexible. |
| the most sense. Take the dining room for | | | | On the other hand, once I bite the bullet and |
| instance. Soon after going back inside several of | | | | decide to make improvements, the economic |
| my rental houses after they were occupied, it | | | | benefits may or may not manifest in a timely |
| occurred to me that the residents in my market | | | | manner. |
| did not use the dining as it was originally intended. | | | | Mistake #3: Ignoring drainage issues |
| More often than not, it was being utilized as an | | | | I pay extra attention to where the water drains |
| office, kids play room or even another bedroom. | | | | on and around my properties. Storm water |
| This being the case, it was obvious that spending | | | | drainage is a huge issue due to the amount of |
| money on dining room chandeliers was a | | | | damage water can do to a house in a short |
| complete waste of resources. This is just one | | | | amount of time. My area gets a lot of rain, so I |
| example of making sure the money spent on | | | | am used to paying close attention to this. I have |
| improving the property is of value to the | | | | a list of houses that have had problems in the |
| residence. | | | | past or that I see have the potential to have |
| Mistake #2: Making improvements at the wrong | | | | problems when there are heavy storms. These |
| time | | | | houses get checked on after every major rain |
| I am always juggling market strength, lease | | | | event with special attention paid to sensitive areas |
| termination times, maintenance crew cost, and | | | | of concern. Simple things like a pile of leaves or |
| time available for making improvements. All of my | | | | other litter that diverts drainage water towards |
| properties could have improvements and | | | | the house, disconnected rain gutter downspouts |
| maintenance the next time they are vacant, but | | | | that playful kids have fooled with or a piece of |
| what determines my actions depends to some | | | | plastic that clogs the driveway drain can cause |
| extent upon the strength of demand for my units | | | | water to get into the house. The few houses that |
| and other market factors such as competition. | | | | I have with basements all have sump pumps that |
| Improvements have the potential of being | | | | are checked on regularly. Because of this, I |
| adjusted a bit depending on the length of time my | | | | always have water damage on my mind |
| crew has between residents. All of the safety and | | | | whenever it rains. |