DLH buys its first rental property
After searching for the right opportunity, we bought our first rental property in January. The best way to buy is to find a distressed property that you can rehab and “force equity” (aka profit). You’ll find a property that is affordable, and you’ll be able to offer a quality rental property at a price that is very competitive in the marketplace, ensuring adequate ROI (aka profits) for your portfolio.
The Before Pictures
This property was fairly attractive in the pictures on the MLS. We could see that there was a little work to do, and our contractor found some siding and roof issues that were not easily visible from the pictures.
Back of house – the exterior was 2 shades of tan
White kitchen – bad idea for a rental property
Plain bathroom with no appeal
Attractive living room with nice fireplace – just need to paint to match the new interior color of the house.
The After Pictures
The rehab process only took about 3 weeks from start to finish, which even included some delays due to the winter weather.
We painted the exterior one color
Stainless appliances, painted the kitchen, and added color to the countertops
New tile on the floor and tile accents above the shower
Ready For Tenants
With our excellent property manager, this property had prospective renters before the rehab was even finished. From purchase to rehab to renter moving in, the whole process took less than 1 month!
A one-month timeframe is not the norm, but when you find the right property and have a great team working seamlessly, amazing things can happen — we have a property with immediate equity, the tenant has a beautiful home that feels brand new, and our investors are realizing a monthly profit.
What’s Next?
We look forward to doing our part in making “a better community, one home at a time” as we evaluate the next properties to add to our growing portfolio.
If you’ve ever thought about getting involved in real estate, let’s talk about how our strategy and your goals may work well together.