Well guys (and girls) I closed yesterday pon my Dumplex and today is my demo day…my very light demo day. I read the Section 8 bible and got some great money saving advice. I anticipate three weeks for everything to be complete. (that’s a week longer that I really anticipate, but have learned to add extra money and time to the budget). When do you suggest advertising it for rent? Thanks for all the advice and encouragement!!! ~Heather
Heather,
I would start advertising it when you feel you’re about a week out from getting it done. That way you can maybe get a few phone calls about it. By the time you set up an appointment to show it a few days later, you’ll be done with the place. I would not show a unit unless it just had VERY minor touch-up or finishing touches left to be done. Too many people can’t see potential. If you try to show someone the unit when it’s a couple weeks out from being done (maybe with no carpet/tile/etc or a ripped up kitchen or bath), you’ll probably have some would-be tenants move on because they see it in that condition.
You’re very smart to over estimate time and money required for the rehab. I think contractors generally figure on about 115-120% for materials. You’ll always have some waste.
Congrats on your deal and I hope you get a good tenant in there!