Step 7 - Aim
This is also where most novice investors will falter. At the first sign of a broken light fixture or ugly appliances, they see go running for the hills. It's that same inexperiene that will cause potential buyers to miss much more important things like unexplained ceiling stains and wavy floors. We can help you focus on the necessary instead of the frivolous.
TriStone Group will evaluate houses for you ahead of time, using Opportunity Analysis Sheets, and give you a cost to get this house rent-ready. But it goes further than that. Once it comes time to put money to work, it can be real easy letting emotion get the best of you. We're here to keep you profitable. Do you need granite counters? Italian marble 16" square floor tile? Crown moulding throughout? Of course not. If you've ever built a house you know the feeling when you see the final bill with all of your add-ins. You thought you bought a house for one price, but you ended up spending 50% more on custom trim packages. We know our prices and we have your success in mind, not the cover of a Home & Garden.
You can start thinking about the family that is going to live there and want to provide the very best product you can. That's a good motivating factor. You may also look at this house from a pride perspective, and want items and workmanship that you would want to showcase to friends and family. Both of those trains of thought will wipe away your profit. Here's what we've learned. Every house is new to a new resident. We help you to focus on keeping the house fit, habitable, clean, and functional for the purposes of your soon-to-be tenant/client. They will be the ones to make your house into their home. Don't spend on areas that don't improve profitability, safety, or security.
We take a top-down, outside-in approach. Look at the roof, insulation, rafters, gutters, siding, foundation, and landscaping. Then look at the electric, plumbing, hvac, and gas lines. Almost everything else is a finish area that can be made to look homey for just about any prospective tenant/client. But without the systems and inrastructure accounted for, you will wake up one day realizing your mistake. Paint, carpet, tiling, and fixtures are all easily replaced (and damaged!). We will help you target your investment dollars that help your house last, minimize turnover cost, and keep cash flowing into your pocket.