6 Cheap Rehab Alternatives For Rental Property Investments

Hi, this is Frank Chen with REIClub.com, your link to creative real estate. Today I’ve got a quick video for you on cheap rehab alternatives for rental property investors.

As a landlord and real estate investor, you are always faced with the question of whether or not you need to replace or update something. But depending on your budget, this may not be as easy a solution for some.

So let's talk about some of the main focal points in a rental property, and ways for you to save on costs, but still get the rent you want…

1) Replace vs. Cleaning Carpet

• Severe pet dmg or pet smell will need to be replaced
• Very Dirty, stained for normal wear and tear – get cleaned
• Only $200-$250 vs. $2500-$3000 for replacement

2) Carpet vs. Wood and Tile

• Always look into replacing carpet with wood and tile
• Carpet is most popular in bedrooms
• But laminate and tile are good choices for everywhere else
• Avoid Vinyl if possible, except in bathrooms.
• Some investors think Carpet is warmer
• But wood and tile are becoming more modern
• Stained concrete is also growing in popularity – tear out old carpet, use existing concrete, lasts long, great for rentals, and affordable.

3) Kitchen Appliances and Washer and Dryers

• If they work and look relatively unused – keep
• Washer and dryer rental services
• Don't have to upgrade to stainless steel – depends on location
• Cheap alternative – used appliance wholesalers
• If supply for your rental property, let tenants know you're not responsible for replacements.

4) Kitchen Countertops and Cabinets

• Depending on year built, may not need to replace – condition?
• Cheap alternative – laminate or wood counters
• Granite isn't that expensive anymore
• Cabinets – repainting or refinishing the wood makes it look brand new
• Cheap Alternatives – Used Counter Tops, or cabinet wholesaler

5) Landscaping

• Most important thing is that grass is cut and bushes/trees are maintained
• Remember mulch goes a LONG way
• Clean up trash around the house
• Don't have to spend tons of money on landscapers – they get pricey
• Clean and simple curb appeal works fine

6) Bathrooms

• Before replacing tile or the tub
• First see if a grout and tub cleaning will do – ask contractor or cleaning co.
• Toilets – as long as they work – no need to replace or use water saving
• Sinks – To save space look into stand alone sinks with no cabentry
• Home Depot – Sometimes holds monthly sales – buy cheap bathroom and kitchen amenities
• Use Vinyl or tile ONLY

In many situations, replacement shouldn't be your first option. Especially when it comes down to your rental property investments. There are many affordable alternatives you can use to save money, but at the same time, you can maintain quality so your tenants are comfortable.

The only time I've ever considered replacement or updates, are for my tenants who have been with me for several years. I do it as a Thank You, and plus I know they are good tenants that take care of my house.